NAICOM To Commence Compulsory, Takaful Insurance In Kastina

By LOVETH AZODO, Lagos

The National Insurance Commission has commenced sensitisation workshop for top Government functionaries of Katsina State, Khadis and Ulamas on Compulsory Insurances, Takaful and Microtakaful.

The Head, Corporate Communications And Market Development, NAICOM, Alhaji Abdulrasaaq Abdulsalami in his address at the workshop reiterated the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.

Salami called on the Governor of the state Rt. Hon. Aminu Bello Masari to pave way for the enforcement and implementation of insurances made compulsory by extant laws to guarantee the protection of the people of Katsina State.

The Insurances highlighted by NAICOM are 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 and Annuity for retirees as provided under the Pension Reform Act 2014.

According to Salami, Full implementation of compulsory insurances will help the government cushion the effect of recurring fire inferno in different markets across the state which has been causing so much economic havoc on our traders and the government.

He recalled that During the Commission’s visit to His Excellency, Governor Aminu Bello Masari, the CFI did mention that going by the population of farmers in Katsina state, it is obvious that the State is a critical stakeholder in increasing insurance penetration and growth of the sector by ensuring that farmers are adequately protected.

“A partnership with the Commission will be a golden opportunity to assist Katsina state peasant farmers, traders and civil servants when they need it most and for the financial services sector to also increase financial inclusion which is one of the cardinal thrust that has been a forefront policy of the federal government for a sustainable economic development and lifting families out of abject poverty.”

He urged the Governor to Incept the process of enacting state laws to domesticate the compulsory insurances earlier highlighted in conjunction with the state legislature, Ensure adequate insurance of assets and liabilities of Katsina State government, Liaise with Takaful/insurance operators to determine product best suited for the government, farmers, private companies, MSMEs and individuals in the state and Conduct on the spot awareness and sensitisation campaigns across the state.