NAICOM Seeks States’ Collaboration to Deepen Insurance

By Tony Obiechina, Abuja 

The National Insurance Commission has urged States to support the promotion of Compulsory and other Insurance packages.

The Commissioner for Insurance, Mr. Sunday Thomas made the call during an advocacy visit in furtherance of the push for the growth of the Insurance sub sector.

Mr Thomas said Kano state with its large scale commercial activities stands the opportunity of leading by example and taking advantage of the huge potential in Takaful and Micro-insurance products introduced by the Commission in order to address religious beliefs and economic differences about conventional insurance.

He identified some of the insurance packages made compulsory by extant laws in the country to include Motor Vehicles Third Party Insurance, Professional Indemnity insurance for Health workers, Public Building Liability Insurance, Insurance of Building under Construction above 2 floors, Group Life insurance under the Pension Reform Act and Annuity for retirees.

In response, Governor Umar Ganduje commended the Commission on its effort to develop the insurance sector while urging the industry to do more in gaining public confidence and improving public perception of the industry.

The Governor also directed immediate  constitution of a committee to look at the aspect of the implementation of compulsory insurance packages as well as working with the legislative arm on domesticating the insurance laws in the State.

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