Mar 2020

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Nigeria: Takaful to deepen insurance penetration in 2020

Source: Middle East Insurance Review | Feb 2020

Takaful is expected to contribute strongly to deepening insurance penetration in Nigeria this year, said insurance consultant Ekerete Gam-Ikon as reported by Nigerian daily The Sun. 
Commenting on the contribution of takaful operators to the industry, he said the two takaful operators which had been licensed since 2016 have been effectively contributing to the growth of the market, while another two operators have just received their approval in principle (AIP) in September last year. 
He also highlighted some of the challenges faced by the insurance sector such as public distrust, low awareness, and inefficient customer service, among others, and noted that takaful would bridge the gap to these problems. 
“With the excitement that welcomed the last two firms given AIP, I expect to see a takaful conference in the course of the year. Takaful is a case of having a solution that meets the needs of people who are yet to be aware, informed and engaged in any form of insurance,” he said. 
On the recapitalisation exercise and its impact on takaful, Mr Gam-Ikon said he was optimistic that some big companies would seek to invest in the opportunities that exist in takaful and microinsurance. He said financial inclusion is another opportunity for takaful operators to contribute to scaling across the nation. He encouraged takaful operators to adopt digital solutions to entice their customers, especially the young population in Nigeria, so that they would buy into their products and services. M 
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