Abuja, Nigeria (CU)_ The National Insurance Commission (NAICOM) has announced intentions to accelerate the implementation of mandatory insurances and enhance industry penetration through Takaful (Islamic insurance) and the nano, micro, small, and medium (NMSME) growth throughout the northern region.
During a courtesy visit to Kano State’s Executive Governor, Dr. Abdullahi Umar Ganduje, the commission stated that Kano is strategically important to its cause in the area. Sunday Thomas, the Commissioner for Insurance, stated that the commission commenced its countrywide sensitisation session for NMSMEs throughout the country in November 2020, with Kano being the first point of call.
According to the commissioner, the commission was in the state in order to promote industrial growth since it is the commercial nerve center of the northern area, which had the ability to drive adoption in the region. Sunday Thomas spoke about the vast opportunities and the scope for the insurance market in Kano state.
The commissioner said, “Going by the population statistics of Kano State, it is obvious that the state is a critical stakeholder in increasing insurance penetration and growth. Kano State as a centre of commerce has the opportunity to lead other northern states and serves as a hub for Takaful Insurance otherwise known as Islamic Insurance in the country”.
NAICOM or National Insurance Commission was founded in 1997 by the National Insurance Commission Act 1997, and it is responsible for confirming effective management, supervision, regulation, and control of Nigeria’s insurance business, as well as for covering insurance policyholders, beneficiaries, and third parties to insurance contracts.
