Joseph Inokotong, Abuja
In a bid to boost insurance development in the country, the Federal Government has granted approval for the first composite microinsurance company to operate in Lagos State.
Announcing the approval in Abuja yesterday, the National Insurance Commission (NAICOM) said GOXI Microinsurance Company Limited was selected from several applications it received from individuals and corporate organisations.
The nod given to GOXI Microinsurance Company Limited has made it the first full fledged stand-alone micro insurance operator in Nigeria.
A statement released by NAICOM’s Head of Corporate Communications, Salami Rasaaq, said “in its drive to ensure insurance market development through enhanced access points for insurance services in Nigeria, the National Insurance Commission (NAICOM) has granted approval to GOXI Microinsurance Limited to operate as a State Composite Microinsurance Company transacting Life and Micro Insurance business in Lagos State only.
“This is one of several applications received in the Commission from individuals and corporate entities requesting approval for registration as micro insurance operators. GOXI Microinsurance Company Limited thus becomes the first full fledged stand-alone micro insurance operator in Nigeria.”