NAICOM Grants Crown Takaful Insurance Approval To Kickstart Operations

The insurance industry regulator, the National Insurance Commission (NAICOM), has granted an operating licence to Crown Takaful Insurance Limited.
This was barely three months after the issuance of approval in principle by NAICOM, even as the operating licence, received on December 18, 2023, authorises the company to commence business to deepen insurance penetration in the country.
As a modern concept of ethical insurance, Crown Takaful Insurance said, it is entering the risk-underwriting market as a solution provider offering technology-powered and value-laden products and services in creative and modified packages designed to meet the needs of millions of uninsured Nigerians while raising the level of insurance inclusiveness to a new level.

Speaking on the operating licence and the launch of the firm’s products and services, the company’s managing director/CEO, Nasir Abubakar Song, explained that, flagging off the firm’s operations could not have come at a better time than now when ‘we live in a World grappling with economic uncertainties and unpredictable risks.’
According to him, the company will be leveraging the professionalism and innovativeness of the management and workforce to change the narrative by providing secured risk underwriting alternatives that can guarantee Insurance for all cadres of participants in the Takaful insurance segment.

He said: “The Technical team of the company has designed a wide range of Takaful Insurance Services, tailored to meet the specifications, and demands of participants. It is an advanced approach to insurance and provides an ethical option for participants or policyholders, who require financial security – offering flexibility and quality that can transform the lives of Nigerians.
“This Joint Guarantee Cooperative is open to all and focuses on social solidarity, financial protection, and transparency. Under Takaful, Crown Takaful provides security in areas such as automobiles, real estate, travels, and family/life insurance services, amongst others.”
The insurer expressed optimism that it would emerge as a leading player in the Takaful subsector of the nation’s insurance sector within six months of its operations and urged Nigerians “to analytically assess the values of its products and services in order to know that they are robustly packaged to deliver superior values to them in terms of assets’/family protection come rain or shine.”
Industry analysts believe that Crown Takaful Insurance coming into the insurance market is timely given the current regulatory drives by NAICOM to boost performance of the industry and increase its contributions to the nation’s GDP.