Nigerian finance sector rolling out micro-insurance and takaful

Oct 11, 2012

Insurance providers in Nigeria have been stepping up their focus on rolling out micro-insurance and takaful across the country.

Insurance providers in Nigeria have been stepping up their focus on rolling out micro-insurance and takaful across the country.

According to Nnamdi Duru of This Day, this was a major priority for the insurance sector between July and September 2012.

This, he said, is because cover providers did not want to be penalised by the industry watchdog for failing to offer micro-insurance and takaful – a concept based on Islamic finance rules and regulations.

Mr Duru noted that insurers have been "very busy" in the last few months working out how to "expand their operations with a view to deepening insurance penetration across the country and bettering their lots financially".

He said companies want to work out how micro-insurance and takaful can be deployed "to their advantage" and are examining how they can fall in line with wider trends in the global insurance industry.

For instance, he noted the "refocus on retail insurance" has attracted attention in Nigeria recently.

ADNFCR-2976-ID-801467776-ADNFCR