1 month ago
11
Although the security manufacture is presently undergoing an ongoing recapitalisation exercise, with security and reinsurance firms being the target, determination are indications that Takaful and micro-insurance outfits volition besides soon beryllium asked to upgrade their capital.
LEADERSHIP learnt that the National Insurance Commission (NAICOM) is presently assessing the security industry’s subsectors to take the champion superior to efficaciously screen risks undertaken by takaful and microinsurance firms successful the country.
While the regulator seems cautious not to overload each subordinate with recapitalisation astatine the aforesaid time, it was learnt that the adjacent signifier aft the ongoing workout is that of players successful the informal assemblage of the economy.
Confirming this improvement astatine NAICOM seminar organised for Insurance journalists successful Abeokuta, Ogun State recently, the commissioner for Insurance/CEO, NAICOM, Olusegun Omosehin, said, the regulator is so considering recapitalisation for takaful and Micro security outfits, considering the changes successful the concern operating situation and summation successful assets replacement worth which past mean, operators indispensable beryllium precise liquid to transportation retired the concern of underwriting successful the grassroots.
He, however, assured that, though the workout is critical, it volition let the ongoing workout standard done earlier kickstarting the capitalisation of Micro and takaful firms.
Disclosing the reforms the regulator has done successful that strata, Omosehin said: “We person fostered the maturation of microinsurance, Takaful, InsurTech, and web aggregators, hence promoting the improvement of simple, accessible, and affordable security products. By embracing alternate organisation channels, we’re expanding insurance’s scope to underserved markets.
“To summation penetration, security solutions indispensable beryllium contiguous successful high-impact sectors specified as: Transport, Agriculture, Micro, Small, and Medium Enterprises (MSMEs), and Digital marketplaces. We tin thrust greater fiscal inclusion and extortion by ensuring security products scope radical wherever they are.”
Saying that, Insurance is not simply a substance of policies and paperwork, it is simply a committedness of protection, a mechanics of resilience, and a pillar of societal stability, helium added that, “whether it’s a paid assertion that helps a concern retrieve from disaster, a microinsurance screen that shields a household from fiscal ruin, oregon a takaful merchandise that empowers inclusive participation, the essence of security lies successful its quality impact.”
On accessible, affordable, and applicable coverage, helium said, the regulator enables farmers, riders, traders, and gig workers to acquisition tailored extortion astatine the constituent of need, ensuring policyholders tin trust connected timely and just claims settlement.
“NIIRA promotes inclusive security growth, driving accrued penetration portion maintaining marketplace stability. This balanced attack enables the marketplace to turn bigger and enactment safer, achieving sustainable improvement and policyholder protection,” helium stated.
To him, “this rule guides our enactment astatine NAICOM. We are committed to enabling innovation, safeguarding policyholders, and cultivating a marketplace that Nigerians tin trust. But spot is not built successful isolation but co-created done transparency, accountability, and informed dialogue.
“We truthful telephone connected you, our partners successful the media, to instrumentality centre signifier successful this journey. Through close reporting, thoughtful analysis, and constructive engagement, you tin signifier nationalist knowing and assurance successful the security industry.”
English (US) ·