The National Insurance Commission has spread out the inherent benefits of Takaful insurance and compulsory insurances to the people and government of Katsina State in a bid to push back insurance avoidance.
These were made bare at the sensitisation workshop organised by NAICOM in Katsina where the Head Corporate Communications and Market Development, Rasaaq Salami, informed the opinion leaders drawn from religious and informal business backgrounds that having markets and goods insured “will ensure stability and comfort for the people and also save the government some cost that ordinarily would have gone into compensating traders.”
Identifying insurance as a development partner, Salami reminded the state that its agrarian economy puts responsibility on the government as a critical stakeholder to partner with NAICOM and insurance industry to increase insurance penetration and growth of the sector by ensuring that farmers are adequately protected.
“A partnership with the Commission will be a golden opportunity to assist Katsina state peasant farmers, traders and civil servants when they need it most and for the financial services sector to also increase financial inclusion for a sustainable economic development and lifting families out of abject poverty,” he stated.
Underlining the commitment of the insurance industry not to let down the state “because we indeed need each other to grow,” Salami said the introduction of Islamic insurance (Takaful) and Microtakaful for small businesses as an alternative to conventional insurance makes it more beneficial that “whatever you contribute is not lost at the end of the year.”
