NAICOM Licenses Casava To Deepen Insurance In Nigeria

In its continuing efforts at deepening insurance penetration and increasing insurance access points in Nigeria, the National Insurance Commission (NAICOM) has granted approval to Casava Microinsurance Limited to operate as a State Composite Microinsurance Limited.

With this approval, Casava Microinsurance Limited will be transacting Life and General Micro Insurance Business in Lagos State only.

A statement today by Head, Commissioner’s Directorate, ‘Salami  Rasaaq, said Casava Microinsurance Limited is one of the successful company among several applications received in the Commission from individuals and corporate requesting registration as microinsurance operators in Nigeria.

The Company, he said, thus becomes the second full-fledged stand-alone Micro Insurance operator in Nigeria.

Casava’s approval is subject to meeting the capital requirement of N100 million to play in this segment of the market which is expected to focus on those at the lower cadre of the society, an area that has not been fully tapped for long.

It should be recalled that the Revealer had reported that the Deputy Commissioner, Technical, Sunday Thomas, had in a telephone interview after the approval of Goxi, said “Approval for another microinsurance company is coming soon.”

He had also explained that a state microinsurance is required to meet N100 million capital requirement before a license can be issued.