Policyholders who did not make claims on their insurance during the 2020 financial year, got N109.8million as surplus from Noor Takaful Insurance Limited.
The surplus payment, which comes as a result of the Win-Win insurance model operated by Noor Takaful, thrives on the pool of funds provided by the participants.
Speaking during the surplus distribution event held in Ikeja, Lagos, the chairman of the insurance firm, Muhtar Bakare, explained that, out of N109.8million paid, the General
Takaful participants got N74.1million while Family Takaful participants received N35.7million.
Bakare described the distribution as an affirmation of the efficacy of offering modern financial services to Nigerians who were previously excluded from the formal economy, stating that, this would help them achieve reasonable economic stability in their lives and businesses.
Bakare assured the participants that the company remains committed to proactively taking all the necessary steps, including raising adequate capital, prudent underwriting and putting in appropriate covenants required to cover their risks.
“We have all the resources we need and the corporate governance structure to ensure that we continue to meet all our obligations as they fall due. It is pertinent to note that in 2021, we paid over N1.9 billion in claims, with a Claims Ratio of 22% which is one of the best, if not the best, in the entire insurance industry,” he said.
Similarly, the vice chairman, Noor Takaful Insurance Limited, Aminu Tukur, stated that, the surplus distribution comes as the redemption of its pledge to policyholders, noting that, Takaful insurance has become highly receptive among Nigerians over the last few years.
Tukur assured stakeholders that the company would continue to provide innovation and leadership in the Takaful Insurance industry while maintaining the highest ethical and professional standards. In her remarks, the managing director, Lotus Capital Limited, Hajara Adeola, stated that, Takaful insurance, a non-interest finance, remains the best alternative insurance for the generality of Nigerians as it helps to promote financial inclusion.
“The tenets of non-interest finance should attract anyone and should not offend anyone. It means being fair, avoiding ambiguity in the contract, avoiding gambling and many other businesses that are considered harmful to the society,” Adeola said.
She commended Noor Takaful for their diligence in deepening the penetration of insurance and non-interest finance in Nigeria.
In his goodwill message, the senior pastor, The Covenant Nation, Poju Oyemade, commended the management of insurer for keeping to their promises by giving out surplus payments to participants.
Noor Takaful Insurance Ltd is a takaful insurance firm established and duly licensed by the National Insurance Commission(NAICOM) in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 per cent indigenous Nigerian shareholding.
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