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Chuks Udo Okonta
Efforts to carter for people at the grassroots of the nation through insurance mechanism seemed to be gradually yielding fruits as takaful and micro insurance operators settled their claims to the tune of N615 million and generated N2.35 billion premium.
According to the Head, Takaful Insurance, National Insurance Commission (NAICOM) Zubairu Darazo, NAICOM is determined to drive the uptake of Takaful and Microinsurance through market development and enforcement of compulsory insurance.
He noted that the commission had projected positive outlook for both Takaful and Micro insurance going forward, stressing that this would be achieved through a number of stakeholder engagements workshops and sensitization programs which are lined up for the year 2021.
Noted that presently the commission had given operational approval to five takaful firms and four micro insurance operators.
He identified challenges clogging the growth of both businesses as; lack of proper understanding of both concepts by the operators and consumers as well; poor public awareness and lack of skill man power.