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The National Insurance Commission (NAICOM) has offered trust to Katsina State Government and the people by assuring that the insurance industry would not let them down as they subscribe to policies offered by underwriters.
Head, Corporate Communication and Market Development, NAICOM, Rasaaq Salami, gave the assurance during the sensitisation program for top government functionaries; khadis and ulamas in Katsina States.
He noted that with the introduction of Islamic insurance (Takaful) and Microtakaful for small businesses, Katsina state will not be let down by the insurance industry, stressing that both indeed, both parties need each other to grow.
He went further to highlight the benefits the government and people of Katsina stand to gain by subscribing to insurance. According to him, the full implementation of compulsory insurances would 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 traders and the government.
He said one of the cardinal objectives of insurance is to protect us against such natural disasters, adding that people cannot in some cases, stop it from happening but can pre-empt and minimise its impact.
He submitted that having the markets and goods insured will ensure stability and comfort for the people and also save the government some cost that ordinarily would have gone into compensating traders.
Salami said NAICOM woud also seek to partner with the State Government on enforcement of compulsory insurances in the state, and that the Commission expects the state executive council to assist on the following:
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; conduct on the spot awareness and sensitisation campaigns across the state amongst other area of interest.
He noted that 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, he said would 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.
“The inherent benefits to the people and government of Katsina state were well articulated during the visit of management of NAICOM to the Governor, but let me add that with the introduction of Islamic insurance (Takaful) and Microtakaful for small businesses, Katsina state will not be let down by the insurance industry, we indeed need each other to grow. Having Takaful Insurance as an alternative to conventional insurance makes it more beneficial that whatever you contribute is not lost at the end of the year,” he submitted.
He said the Commission has so far licenced four Takaful insurance companies to operate in Nigeria providing cover for that segment of the population averse to conventional insurance, adding that some of these Takaful companies are at the event and have be provided with the opportunity to interface with participants and showcase their respective products.
Salami noted that the Management and Staff of the National Insurance Commission are sincerely appreciative of the support of the Katsina State Government in the drive to give insurance a lift in the state.