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NAICOM partners Kaduna state on compulsory Insurance

By Favour Nnabugwu

The National Insurance Commission (NAICOM) has sought partnership of Kaduna State government on implementation of the compulsory insurance scheme in the state.

Commissioner For Insurance, Alhaji Mohammed Kari, during a courtesy visit to the Kaduna State Governor, Mallam Nasir El-Rufai over the weekend, noted that such partnership will allow the commission to set up its branch in Kaduna, at a time it is considering to open more new branches across the country.

Kari said the commission launched the Market Development and Restructuring Initiative (MDRI) in 2009, he stressing that the commission is commencing the second phase of the initiative, which is the enforcement of the compulsory insurance across the federation.

While soliciting the support of the State government, Kari explained that the insurance scheme is aimed at deepening insurance penetration.

Such partnership, according to him, will not only improve the Internally Generated Revenue (IGR) of the state, it would also generate employment, while transferring the burden of compensating the victims of natural disasters from the government to the insurance companies.

Welcoming the Commission’s delegates to his State, El-Rufai, represented by the state’s Deputy Governor, Arch. Bala Bantex, said the state government will continue discussions with NAICOM with a view to ensure insurance   implementation and penetration in the state.

He stated that proper adoption of insurance will contribute to the growth of the nation’s gross domestic products, GDP, pointing out   that the state government has insured some of its facilities.

The state government, he pointed out, is making it mandatory for market men and women to insure their goods and assets, pleading on the commission to always ensure that insurance companies pay claims on insured risks.

 


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