Business
NAICOM Plans Effective Micro-Insurance Policy
The National Insurance Commission (NAICOM) has said that it will put in place effective guidelines that will propel the implementation of the micro-insurance policy in the country.
The Commissioner for Insurance, Mr Fola Daniel made this known recently in Abuja at a workshop for stakeholders in Micro-Insurance.
“Insurance is a business on trust. Clients, pay premium and expect the indemnification of claims.
“Micro-insurance clients need to be sure that they are offered fair products, that claims are honoured swiftly, that prices are fair, that there are no hidden clauses and that disputes will be handled in a fair manner,’’ he said.
Daniel said that the commission was at the final stage of developing a reliable micro insurance framework with clear rules for investment and for providers of operations.
He added that the commission would ensure that the rules are flexible and designed in such a way that insurance providers have the freedom to use new and innovative procedures to reach the poor.
“The commission has also developed a draft market conduct guidelines that will address indiscipline in the market.
“The draft will be released to the market as soon as the final copy is ready.’’
Daniel said that micro insurance provides the security that people need in order to take their destinies in their hands, take economic risks and attain economic freedom.
He gave assurance that NAICOM would do all that was necessary to reduce poverty in the country and ensure that people in the rural areas benefited effectively from the micro-insurance policy.
Ms Sylvie Hoster of German International Corporation (GIZ) said that micro-insurance was a sure way to reduce the poverty rate in the country.
She said that the idea of micro-insurance was to ensure financial inclusion and access to finance by “the un-financed populace in the country’’.
Hoster called for the dedication and commitment of all stakeholders to ensure that the policy achieved its goal and help transform the lives of ordinary Nigerians.
Also, Mrs Gabriela Braun of Making Finance Work for Africa, an NGO, said that micro-insurance would help provide social protection and give hope to the poor entrepreneurs in the country.
According to her, insurance will be another opportunity to help poor farmers whose farms have been submerged by flood.
She urged all stakeholders to support the project, saying that it would help economic growth and development at the grassroots.