Kano State has opportunity to lead other northern states as a hub for Takaful Insurance – CFI

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Kano State as a Centre of commerce has the opportunity to lead other northern states and serves as a hub for Takaful Insurance otherwise known as Islamic Insurance in the country.


The Commissioner For Insurance (CFI) Mr. Olorundare Sunday Thomas in his address during recent courtesy visit to the Executive Governor Of Kano State Alhaji Abdullahi Umar Ganduje


Thomas said Kano state with its large-scale commercial activities stands the opportunity of leading by example and taking advantage of the huge potentials in Takaful and Microinsurance products introduced by the Commission in order to address religious beliefs and economic differences about conventional insurance.


According to him, our survey during the last sensitization workshop in the state indicates that there is huge interest and demand for insurance products especially Takaful in the state, which will in no small way assist in the survival and sustainability of small and medium businesses in the state.

“Since my coming as the Chief Executive Officer of the Commission, we have put so much effort into repositioning the Commission in order to improve and deepen insurance penetration across Nigeria with greater attention and concern to states with huge potentials but very low-level penetration. The focus is majorly in pushing the industry to more strategic market development initiatives as against the traditional regulation and compliance.


Commissioner disclosed that one of the cardinals thrust that has been a forefront policy of the federal government is financial inclusion: assisting nano, micro, small and medium enterprises for a sustainable economic development and lifting families out of abject poverty. A major aspect of this drive is providing a safety net for the NMSMEs against unforeseen circumstances while securing millions of jobs and wealth created by the NMSMEs, he added.


“Besides the need for the development and promotion of Takaful in Kano state, which indeed requires Your Excellency’s support, the Commission is also here to seek your buy-in on the implementation of compulsory insurances in Kano State and as well the need for the State Government to protect its assets and liabilities by adequately insuring them.


In his words: “I want to use this opportunity to seek for the Kano State Government assistance in the implementation of compulsory insurances. The Commission is incepting talks with stakeholders to ensure that enforcement commence in earnest of all classes of compulsory insurances across the country.


CFI noted that the Commission is seeking your support in implementing initiatives of the Commission that will allow insurance to be a household need in Kano State. According NAICOM Boss “we are requesting your support in the following areas among others:

i Constitute a committee that will work with the Commission

ii Consider mirroring the legislation that makes it mandatory for citizens to have compulsory insurances.

iii. Provide the Commission with a befitting office accommodation that will serve as the insurance policy hub for the Northern Region of the country.


He reaffirmed that the Commission is committed to continually ensure and guaranty adequate protection of policyholders. This effort has been taken in many fronts such as ensuring that genuine claims are promptly paid by insurers, ensuring financial soundness and viability of the insurers to protect investments, right prizing of insurance products, value for money, use of technology for ease of transaction etc, he stressed.


Thomas raised observation about the issue of collapsed buildings which have continued to be one of the problems in our big and major cities in the country that seems to have defied solutions and checks put in place by the authorities.

He reassured all stakeholders that the Commission is collaborating with some federal agencies like the Fire Service, Police etc and relevant professional associations like COREN to ensure provisions of the law regarding the insurance of public buildings against 3rd party liability and all buildings under construction that are above 2 floors are strictly adhered to.


“I humbly request Your Excellency’s cooperation to work closely with the insurance sector on this to ensure safety and protection of lives and properties in Kano State.



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