Governor of Katsina State, Aminu Bello Masari, says the still stretching line of “very very low compulsory insurances enforcement… and in some cases absent” is a major setback for insurance penetration and avoidance of insurance purchase.
Governor Masari said this single reason was why government agencies do not care to insure because they get away with it.
However, Masari assured the Commissioner of Insurance, Sunday Thomas and his high calibre team from the National Insurance Commission that visited the state for partnership and insurance embrace, that the state has resolved to embrace insurance and insure its assets.
His promise, “We will do our bit, especially when it comes to insuring public buildings and assets such as vehicles and other (compulsory insurances.”)
NAICOM boss reckoned that Katsina is a critical stakeholder in increasing insurance penetration and growth of the sector in Nigeria especially Takaful (Islamic Insurance).
Thomas noted that the state has huge potentials for insurance development and striking is its huge agricultural activities that require insurance protection.
Besides, he said the cross border economic activities stands the opportunity to take advantage of potential Takaful and microinsurance products.