National Insurance Commission has introduced Islamic insurance (Takaful) and Microinsurance for small businesses, for the people of Kano state. Commissioner, National Insurance Commission Olorundare Sunday Thomas says the introduction of Islamic insurance is to boost insurance penetration in Kano state as well as the entire northern region. Adding that there is need to domesticate the laws on compulsory insurances in Kano State as well as set up a joint committee on the implementation of the compulsory insurances in the state.
“We knocked at the door of the Kano State government to set the pace for the northern part of the country to embrace insurance especially with the introduction of Takaful Insurance (otherwise known as Islamic Insurance) as an alternative to the conventional insurance to cater for sentiments of religion and tradition.” “The implementation of motor vehicle 3rd party insurance and other compulsory insurances as contained in the terms of reference of the joint committee with the state government is indeed a welcome development. and it is expected to change the narratives by moving Kano State from its 11th position in the Gross Premium ranking to be among the first three (3) States in the federation.
Kano State is a commercial centre with huge population and business potential, the adoption and enforcement of the compulsory insurances will no doubt have a multiplier effect on insurance premium, employment opportunities, the standard of living of the people and the internally generated revenue of the state. It my believe that the committee will work out a fashionable mechanism that will ensure Kano State to be a role model to other states in the country in the area of insurance penetration. “
He therefore urge the Committee to also look into the recurrent fire inferno in different markets across the state which have been causing so much economic havoc on traders and the government. ” One of the cardinal objectives of insurance is to protect insurance service consumers against such disasters by creating the needed awareness that will forestall occurrence and where the unexpected happens compensation will be paid to victims to minimise its impact.
Having the markets and goods insured is going to ensure stability and comfort for our people and also save the government some cost that ordinarily would have gone in compensating traders. “