The National Insurance Commission (NAICOM) has taken awareness on Takaful Insurance and the compulsory insurances to the Katsina State government.
The main objective of the awareness workshop was to sensitize the top Government functionaries of Katsina State, Khadis and Ulamas on the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.
The Head, Corporate Communications and Market Development, the National Insurance Commission, Alh. Abdulrasaq Abdulsalami during the programme said the Commission is in the state to discuss “the concept of Islamic insurance and forge this partnership with the government and people of Katsina State in order to pave way for the enforcement and implementation of the compulsory insurances” he said.
The compulsory insurances include: Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; Al Buildings under construction that are more than two floors; All Public Buildings including Schools, Offices, Hotels, Hospitals, shopping malls etc. Pofessional indemnity for all medical practitioners and hospitals; and Group life insurance cover by employers for employees where there are more than 3 persons.
Also the annuity for retirees as provided under the Pension Reform Act 2014.
He said the “full implementation of compulsory insurances will help the government cushion the effect of recurring fire inferno in different markets across the state which has been causing so much economic havoc on our traders and the government.”
“We cannot in some cases, stop it from happening but we can pre-empt and minimise its impact. Having the markets and goods insured will ensure stability and comfort for the people and also save the government some cost that ordinarily would have gone into compensating traders” he stated.
He noted that with “the introduction of Islamic insurance (Takaful) and Microtakaful for small businesses, Katsina state will not be let down by the insurance industry, we indeed need each other to grow. Having Takaful Insurance as an alternative to conventional insurance makes it more beneficial that whatever you contribute is not lost at the end of the year.”