The National Insurance Commission (NAICOM) on Monday said that two micro-insurance companies would soon commence operations in the country, as they are on the verge of securing regulatory approval.
The Deputy Commissioner, Technical, National Insurance Commission (NAICOM), Mr Sunday Thomas, made the disclosure in an interview in Lagos.
Thomas said that this approval was in a bid to increase insurance penetration and acceptance in the country, saying that it would also complement the commission’s efforts on insurance penetration.
“Though it is not yet confirmed which licence will be obtained by the two outfits; whether unit, state or national licence.
“However, one of the firms is expected to target Lagos and South West markets in a bid to increase insurance penetration and acceptance in the country,’’ the NAICOM boss said.
He advised insurance companies to obtain micro-insurance operating licence.
“NAICOM received only five applications from five companies to float micro-insurance firms.
“However, out of the five applications, only two are on the verge of being granted licence.
“They will be the first to meet the micro-insurance requirements.
“The existence of more micro-insurance outfits is pivotal to insuring 80 million low-income earners in the country,’’ Thomas said.