The National Insurance Commission (NAICOM) release MI guidelines that saw ten companies show serious intention to obtain licences to pursue the initiative. The commission stated that all third party liability risks with sums assured above N1 million are excluded from the micro-insurance business.
The Deputy Director Authorisation and Policy, NAICOM, Mr. Leo Akah, explained that the inability of some of the companies that applied for the micro insurance license to develop products that would meet the requirements of the policy, was a major reason for the delay in getting approval. Meanwhile, the President of the Micro-insurance Centre, London, Mr Michael McCord, lamented that most insurers operating in the country have not discovered the business side of micro-insurance, noting that there was still need for capacity development.
Source: Blueprint NG