Noor Takaful, a leading Islamic insurance firm in Nigeria, has for the second consecutive year announced the distribution of surplus (cashback) worth over N15m ($38,860) to contributors who did not make any claim during the year.
Surplus distribution to non claimants is a distinctive feature of Takaful, and, this second batch of payment represents an increase from N12m distributed in 2019 to contributors who did not make any claims that year, Vanguard reports.
Ambassador Shuaibu Ahmed, chairman, board of directors Noor Takaful, said surplus distribution would go a long way to deepen penetration of insurance in the Nigerian market. “No doubt, this idea of giving something back to policyholders would naturally drive interest in insurance as Nigerians would now be less sceptical about getting involved. Surplus payment is further proof that insurance can be done fairly and ethically,” he said.
The company, which was licensed by National Insurance Commission in 2016, has also announced the launch of its mobile app with the goal of making its products and services more accessible to the retail market.