Kano state is a critical stakeholder in increasing insurance penetration and growth of the sector says Thomas

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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.

L-R: The Commissioner For Insurance Mr. Olorundare Sunday Thomas During Courtesy Visit Of The Commission To The Executive Governor Of Kano State Alh. Abdullahi Umar Ganduje On October 11, 2021

The Commissioner For Insurance (CFI) Mr Olorundare Sunday Thomas stated this in his address during courtesy visit of the Commission to the Executive Governor of Kano State Alhaji Abdullahi Umar Ganduje on Monday October 11, 2021.


The Commission today paid a courtesy visit to the Executive Governor of Kano State Dr. Abdullahi Umar Ganduje on implementation of compulsory insurances and increasing insurance panetration in the state


Also, he said the Commission is here to discuss insurance development in the country and Kano state in particular as the commercial nerve center of the northern region.  According to him going by the population statistics of Kano state it is obvious that the State is a critical stakeholder in increasing insurance penetration and growth of the sector in Nigeria.


“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.


“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.

Thomas disclosed that our survey during the last sensitisation 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.


He noted that 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, he added.


As Your Excellency is aware, Commissioner pointed out 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. According to him, 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 said 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.


He concluded by saying the Commission is seeking your support in implementing initiatives of the Commission that will allow insurance to be a household need in Kano State.


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