NAICOM approves first micro insurance coverage firm to run state enterprise

By Cynthia Alo

In a transfer to deepen insurance coverage penetration and acceptance within the nation, the Nationwide Insurance coverage Fee, NAICOM, has permitted GOXI Microinsurance Firm Restricted to function as a State Composite Micro-insurer .

It will likely be recalled that among the many necessities of the micro-insurance pointers launched by NAICOM final yr a State Composite Micro-insurer’s minimal capital base is N100 million, whereas the overall enterprise is N60 million   and Life, N40million .

Insurers ought to take up intensive consciousness on advantages of micro insurance coverage to SMEs

The corporate can also be anticipated to function in anyone state of the federation and this has made Goxi Micro Insurance coverage Firm Restricted the primary to start out micro insurance coverage operation within the nation.

In a press release launched by the Fee’s Head of Company Communication, Salami Rasaaq, Goxi is predicted to function in Lagos state alone.

The assertion reads:  “In its drive to make sure insurance coverage market improvement by enhanced entry factors for insurance coverage providers in Nigeria, The Nationwide Insurance coverage Fee has granted approval to GOXI Microinsurance Firm Restricted to function as a State Composite Microinsurance Firm transacting Life and Common Micro insurance coverage Enterprise in Lagos State solely.

“That is considered one of a number of functions obtained within the Fee from people and company entities requesting approval for registration as Microinsurance operators. GOXI Microinsurance Firm Restricted thus turn out to be the primary full fledged stand alone Micro Insurance coverage Operator in Nigeria.”

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