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NAICOM Pledges Support For Kano State Against Curbing Economic Losses

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By LOVETH AZODO, Lagos

The National Insurance Commission (NAICOM) has assured its support to the Kano state government in minimizing economic losses in the state.

The Commissioner for Insurance/ Chief Executive Officer, O. S. Thomas gave the assurance during a courtesy visit of the commission to the Governor of Kano State, Alh. Abdullah Umar Ganduje Monday, October 11, 2021.

According to the NAICOM Boss, Adequate insurance cover for public properties would have saved the government unnecessary expenses in replacing or repairing some of the damages.

He implored the Governor to assist in the commission campaign in the implementation of compulsory insurances.

In his optimism, he said “Your Excellency there is a lot to benefit from the partnership of the Kano State Government and the Commission with respect to these insurances, taking a cue from other states that have voluntarily taken steps to domesticate some of these laws in their states for the greater advantage of their states.”

“Indeed, Kano is leading in many fronts in the country. In motor insurance for example, Kano and Lagos states alone have almost more than 50% of vehicles plying the Nigerian roads and I am delighted to say here that if the state Government can partner with the insurance industry to bring all these vehicles under cover, it will significantly impact on the IGR of the state and boost revenue of all stakeholders.”

“Your Excellency Sir the Commission is seeking your support in implementing initiatives of the Commission that will allow insurance to be a household need in Kano State.” he added.

Specifying its request he urged the Governor to Constitute a committee that will work with the Commission, Consider mirroring the legislation that makes it mandatory for citizens to have compulsory insurances, Provide the Commission with a befitting office accomodation that will serve as the insurance policy hub for the Northern Region of the country.

“Your Excellency Sir, the Commission is committed to continually ensure and guaranty adequate protection of policyholders.

The commissioner explained that going by the population statistics of Kano state it is obvious that the State is a critical stakeholder in increasing insurance penetration and growth of the sector in Nigeria stressing that the state as a centre of commerce has the opportunity to lead other northern states and serves as a hub for Takaful Insurance other wise known as Islamic Insurance in the country.

He disclosed that effort has been taken in many fronts such as ensuring that genuine claims are promptly paid by insurers, ensuring financial soundness and viability of the insurers to protect investments, right prizing of insurance products.

“The Commission shall continue to work hand in hand with relevant Kano State Agencies in pushing for more insurance uptake by Nigerians in order to minimize economic losses and use of public funds meant for development to compensate victims.” he assured.

 

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