The insurance strides Kano State government has made within one year to boost insurance penetration and purchase has earned the state the endorsement of the National Insurance Commission, as the next in line insurance hub in the country; its therefore, no wonder the Commissioner for Insurance, Mr. Sunday Olorundare Thomas, lavished the state with encomiums today in Kano.
The setting was at the sensitisation programme for top functionaries in Kano State on implementation and enforcement of compulsory insurances. Struck by the marshal of the machineries of the state for the launching of new face of insurance in Kano State and the swift approval of three requests of the Commission during the visit in October, 2021: first, request for a regional office accommodation for the Commission; second, the need to domesticate the laws on compulsory insurances in the state and; third, setting up a powerful joint committee on the implementation of the compulsory insurances in the state, Thomas was swift in uptick of the state for higher capacity to raise the banner of insurance to new national level.
Having noted the improvement made in a short while especially the three requests a spinner of insurance development, Thomas singled out the implementation of motor vehicle 3rd party insurance and other compulsory insurances as contained in the terms of reference of the joint committee with the state “indeed a welcome development.”
On account of this he voiced out, “it is expected to change the narratives by moving Kano State from its 11th position in the gross premium ranking to be among the first three states in the federation.”
Acknowledging the position of Kano as the commerce nerve centre of the north, he said the adoption and enforcement of compulsory insurances will no doubt have a multiplier effect on insurance premium, employment opportunities, the standard of living of the people and the internally generated revenue of the state, with this stream of implementation unabated, NAICOM boss said he is confident “the will work out a fashionable mechanism that will ensure Kano State to be a role model to other states in the country in the area of insurance penetration.”
Aware of what the committee can do, Thomas urged the committee to look into the recurrent fire inferno in different markets across the state which have been causing so much economic havoc on traders and the government.
Concerned about the fire loss in the state, he reminds the state machinery present at the sensitisation workshop, “One of the cardinal objectives of insurance is to protect insurance service consumers against such disasters by creating the needed awareness that will forestall occurrence and where the unexpected happens compensation will be paid to victims to minimise its impact.”
He comments, “Having the markets and goods insured is going to ensure stability and comfort for our people and also save the government some cost that ordinarily would have gone in compensation traders.”