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NAICOM approves first micro insurance company to run state business

By Cynthia Alo

In a move to deepen insurance penetration and acceptance in the country, the National Insurance Commission, NAICOM, has approved GOXI Microinsurance Company Limited to operate as a State Composite Micro-insurer .

It will be recalled that among the requirements of the micro-insurance guidelines released by NAICOM last year a State Composite Micro-insurer’s minimum capital base is N100 million, while the general business is N60 million   and Life, N40million .

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The company is also expected to operate in any one state of the federation and this has made Goxi Micro Insurance Company Limited the first to start micro insurance operation in the country.

In a statement released by the Commission’s Head of Corporate Communication, Salami Rasaaq, Goxi is expected to operate in Lagos state alone.

The statement reads:  “In its drive to ensure insurance market development through enhanced access points for insurance services in Nigeria, The National Insurance Commission has granted approval to GOXI Microinsurance Company Limited to operate as a State Composite Microinsurance Company transacting Life and General Micro insurance Business in Lagos State only.

“This is one of several applications received in the Commission from individuals and corporate entities requesting approval for registration as Microinsurance operators. GOXI Microinsurance Company Limited thus become the first full fledged stand alone Micro Insurance Operator in Nigeria.”

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