As part of efforts to address the needs, enhance the lives of low-income earners and support micro businesses in the country, Goxi Microinsurance Company Limited, the first stand-alone microinsurance firm licensed by the National Insurance Commission (NAICOM), has officially launched operations in Lagos.
Speaking at the launch event, Chairman of the company, Godwin Ehigiamusoe, said the establishment of Goxi microinsurance was in line with its institutional goal of assisting low income earners and micro and small businesses that are highly vulnerable to risks.
“It is our conviction that low-income people and owners of micro and small businesses require robust risk mitigation service by the nature of their slim economic base.
“Low income Nigerians in rural and urban communities need a bouquet of insurance cover for their lives, farms, shops and assets for viability and effectiveness, serving low-income people require partnership and collaboration.
“The death of a bread winner in a low-income household can be devastating. Fire in the market place can wipe out the entire assets of an owner of micro and small businesses.
“Access to insurance cover is therefore vital in curbing poverty and expanding the frontiers of finance”, he said.
According to Ehigiamusoe, microfinance and microinsurance are complementary services that are very effective in addressing the challenge of poverty.
He assured that the company with the support of NAICOM is set to blaze the trail with delivery of responsive insurance policies through flexible and innovative structures adding that, the firm would draw heavily on the cumulated skills on how to reach, engage and serve low-income people.
He further added that Goxi would be open to partnership with community-based associations and co-operative societies.
Also speaking, the Managing Director of the company, Mr Shina Gbadegesin, said that the firm would also operate as a composite microinsurer licensed as Lagos state based. He revealed the company had assembled a team of brilliant professionals with adequate experience to service the target customers.