The National Insurance Commission (NAICOM) on Monday said that two micro-insurance companies would soon commence operations in the country, as they are on the verge of securing regulatory approval.

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The Deputy Commissioner, Technical, National Insurance Commission (NAICOM), Mr Sunday Thomas, made the disclosure in an interview in Lagos.

Thomas said that this approval was in a bid to increase insurance penetration and acceptance in the country, saying that it would also complement the commission’s efforts on insurance penetration.

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“Though it is not yet confirmed which licence will be obtained by the two outfits; whether unit, state or national licence.

“However, one of the firms is expected to target Lagos and South West markets in a bid to increase insurance penetration and acceptance in the country,’’ the NAICOM boss said.

He advised insurance companies to obtain micro-insurance operating licence.

“NAICOM received only five applications from five companies to float micro-insurance firms.

“However, out of the five applications, only two are on the verge of being granted licence.

“They will be the first to meet the micro-insurance requirements.

“The existence of more micro-insurance outfits is pivotal to insuring 80 million low-income earners in the country,’’ Thomas said. (NAN)