Home Business NAICOM Intensifies Awareness Campaign on Takaful, Microtakaful Compulsory Insurances

NAICOM Intensifies Awareness Campaign on Takaful, Microtakaful Compulsory Insurances


National Insurance Commission (NAICOM) has launched a sensitization programme for stakeholders in the Katsina state, to create awareness on the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.

Speaking at the sensitization workshop, the Head, Corporate Communications and Market Development, Alhaji Abdulrasaaq Abdulsalami said the sensitisation workshop was informed by the need to promote a better understanding of Islamic way of Insurance and discussing a way forward for Takaful to thrive in the state.

Alhaji Abdulsalami affirmed that the workshop would create the opportunity for partnership with the government of Katsina State and pave way for the enforcement and implementation of the compulsory insurances.

He added that the full implementation of compulsory insurances will help the government cushion the effect of recurring fire inferno in different markets across the state which he noted had been causing so much economic havoc on our traders and the government.

“One of the cardinal objectives of insurance is to protect us against such natural disasters. We cannot in some cases, stop it from happening but we can pre-empt and minimise its impact.

“Having the markets and goods insured will ensure stability and comfort for the people and also save the government some cost that ordinarily would have gone into compensating traders” he said.

The compulsory insurances according to NAICOM are expected to cover:

“Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;
All Buildings under construction that are more than two (2) floors;
All Public Buildings including Schools, Offices, Hotels, Hospitals, shopping malls etc.;
Professional indemnity for all medical practitioners and hospitals; and
Group life insurance cover by employers for employees where there are more than 3 persons.
Annuity for retirees as provided under the Pension Reform Act 2014″.

Abdusalami further noted that partnership with the Commission would ensure that Katsina state peasant farmers, traders, civil servants and MSMEs are protected, adding that it would also help financial services sector to increase financial inclusion.

NAICOM has so far licenced Four (5) Takaful insurance companies to operate in Nigeria providing cover for that segment of the population who dislike conventional insurance.

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