Underwriting
firm, Mansard Insurance plc, has secured approval of the National Insurance
Commission (NAICOM) to roll out micro insurance products in Nigeria, becoming
one of the first to get this approval after the guideline was released in
November 2013.
Micro
insurance products are insurance products designed to be appropriate for the
low-income market in relation to cost, policy terms, scope and delivery
technique.
NAICOM
classifies micro-insurance policies to cover little risks and therefore,
exclude special risks like
motor insurance (except tricycles and motorcycles),
professional indemnity and other pecuniary risks with sums insured higher than
N1 million. The commission notes that for any company to get approval to carry
out micro insurance business, its products must be simple, affordable and
valuable.
Mansard’s
micro insurance products are aimed at delivering insurance coverage to
Nigerians of all walks of life, irrespective of their location or
socio-economic class, and by this approval Mansard Insurance becomes one of the
first underwriting firms to be granted approval to carry out micro insurance
business.
One
of Mansard’s micro insurance offering is the Mansard Instant Plan (MIP), a very
simple plan that provides life and accident insurance cover to the policy
holder. For as little as an annual premium of N1,000, the plan promises a sum
assured of N100,000 cover for permanent disablement or demise and up to N10,000
for medical expenses in case of accidents. Medical test is not required to buy
this policy and it can be obtained at all Mansard Insurance consumer touch
points nationwide.
Mansard
Insurance was incorporated in 1989, as a private limited liability company, and
is registered as a composite company with the NAICOM. The company offers life
and non-life insurance products and services to individuals and institutions
across Nigeria, while also offering Investment Management and Health
Maintenance solutions through its two subsidiaries, Mansard Investments Limited
and Mansard Health Limited, respectively. The company also recently received
NAICOM’s approval for micro insurance operations.
The
company was listed on the Nigerian Stock Exchange in November 2009, and has
market capitalisation in excess of N24 billion, remaining the biggest insurance
company on the NSE.
BusinessDay
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