By Favour Nnabugwu

THE National Insurance Commission (NAICOM) has lamented the non-compliance to compulsory insurance stating that resistance is still coming from both government and people.

Commissioner for Insurance, Alhaji Mohammed Kari, at the formal launching ceremony of the Kano branch of Jaiz Takaful, noted that Nigerians are not entirely embracing insurance as expected due to public apathy as well as religious and cultural beliefs. Kari said that the Commission introduced  takaful  and micro insurance products in the country as an attempt to reach the segment of the market that is either hitherto unreached or not comfortable with the conventional insurance products.

Kari said that two wholly  takaful  companies have so far been licensed by the Commission to operate, pointing out that more of such companies would be licensed in due course if their applications are successful. He added that the development of  takaful  operations in Nigeria could not have been achieved without the provision of an enabling framework for its takeoff.

The Commission in collaboration with development partners such as Enhancing Financial Innovation & Access (Efina) and GIZ developed and released the Takaful Insurance Guidelines in November, 2013 to enable smooth operation.

Subsequently, in March, 2015, the Commission inaugurated the Takaful Advisory Council of Experts (ACE) saddled with the responsibility of review, endorsement of policies and guidelines related to the principles underpinning takaful insurance operation.