NAICOM moves campaign train for deepening insurance penetration to Katsina State

The National Insurance Commission (NAICOM) has taken the campaign for deepening insurance penetration in Nigeria to Katsina State to sensitize the state government and the people on the benefits of insurance culture.

The Commissioner for Insurance/CEO, NAICOM, Olorundare Sunday Thomas, speaking during the meeting with the State Governor and the state executive council explained the benefits derivable in insurance products such as Takaful and Micro insurance to expand small and medium scale businesses in the state.

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Thomas told the Governor, Aminu Bello Masari, that the Commission was in the state to partner with the state government on Takaful and Micro Insurance for the people of the state to take advantages of these insurance products to develop their small and medium scale enterprises.

According to the NAICOM boss, it is the desire of the Commission to spread it’s dragnet to the state for the farmers and other small and medium scale businesses to take up insurance.

“It is obvious that Katsina State is the critical stakeholder in the increasing insurance penetration and growth of the sector in Nigeria, especially Takaful insurance otherwise known as Islamic Insurance.

“Katsina State with huge agriculture and cross border economic activities stands the opportunity of taking advantage of the huge potential in takaful and micro-insurance products.

“We are committed to the sensitization and enlightenment programme on the numerous benefits of the scheme to enable the poor citizens to reap its benefits,” Thomas stated.

Welcoming the NAICOM team to the State, Governor Aminu Bello Masari assured NAICOM of the cooperation of the state government in the execution of its functions in the state as an insurance regulatory body in the country.

He welcomed the new policy on the Islamic approach to insurance and urged the commission to step up its sensitization strategies, which he said, is important for the commission to reach out to the informal sector the major driver of the economy.

According to him, “We will do our bid especially when it comes to insuring of public buildings in particular and properties, such as vehicles and others. The enforcement of insurance has been very low and that is why even government institutions no longer care to insure.”

Speaking further Masari said the informal sector as the drivers of the economy must be properly sensitized for the commission to achieve its goals in the state.

He further noted that for Takaful, the Islamic form of Insurance to gain ground, the religious leaders and other security agencies must be involved to ensure that the people understand the scheme to enable them to reap its benefits and succeed.

“If you embark on the sensitization and enlightenment exercise through the religious leaders and others, the programme will receive acceptance amongst the people”.

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