Insurance

Takaful Insurance suffers uptake in 16 muslim dominated states

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Chuks Udo Okonta

In spite the fact that Takaful Insurance was designed to carter for the needs of those who share islamic beliefs, 16 states with high population of these believers are yet to embraced this underwriting scheme.

According to data obtained from the Nigerian Insurers Association (NIA), published in its 2019 Nigeria Insurance Digest, Insurers didn’t generate premium on Takaful from states such as; Adamawa; Bauchi; Borno; Benue; Gombe; Jigawa; Katsina and Kebbi.

Others are; Nasarawa, Kogi; Kwara; Niger; Sokoto; Taraba; Yobe and Zamfara.

The NIA noted that Insurers posted a gross premium of N430.78 million from Takaful in 2019 and incurred claims of N404.24 million.

According to the NIA, insurers got the largest premium of N100 million from Lagos State. Oyo, yielded, N93.93 million; Plateau, N91.58 million; Ondo, N28.75 million; Abuja, N24 million; Ebonyi, N18.32 million and Edo, N14.50 million.

Anambra provided N14.50 million; Rivers; N14.23 million; Enugu, B12.35 million; Delta; N9.5 million; Kano, N4.3 million; Kaduna N2.72 million and Abia N2.1 million.

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