The National Insurance Commission was on all cylinders yesterday to pitch Kano as the insurance hub of the north, and the Commissioner of Insurance, Mr O S Thomas who led NAICOM to the welcoming arms of Governor Abdullahi Umar Ganduje, laid out several landmarks that qualify the nerve centre of commerce of the north for this.
First is the population statistics, making the state a critical stakeholder in increasing insurance penetration and growth. Besides, as the centre of commerce, Thomas said it has the opportunity to lead other northern states and serves as a hub for Takaful insurance (Islamic Insurance) in the country.
Thomas puts Kano on the spot, “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.”
Counting on the state to deliver penetration for nano, micro, small and medium enterprises, which was kick started in Kano 2020, as part of the wider federal government effort on financial inclusion,, the Commission goes further seeking the state’s support in implementing initiatives of the Commission that will allow insurance to be household need in Kano.
The Commission’s promoted wheel of progress requests the state to constitute a committee that will work with the Commission, second, consider mirroring the legislation that makes it mandatory for citizens to have compulsory insurances, and, provide the Commission with a befitting office accommodation that will serve as the insurance policy hub for the northern region of the country.
Governor Ganduje venting his insurance buy in of the Commission’s development efforts, urged the insurance market to match this with public confidence building which will improve public perception of the industry.
He also granted the Commission’s requests, directing that a strong committee be constituted immediately to look at the aspect of the implementation of compulsory insurances as well as working with the legislative arm on domesticating the insurance laws in the state.