In a significant development for Nigeria’s insurance sector, Crown Takaful Insurance Ltd. has secured an operating license from the National Insurance Commission (NAICOM) to officially launch its business operations. The confirmation came from Abubakar Song, the Managing Director of the company, in a statement released on Monday in Abuja.
The regulatory green light follows the issuance of an approval-in-principle by NAICOM on December 18, 2023, marking a swift progression for Crown Takaful Insurance in entering the risk-underwriting market as a solution provider.
Song emphasized the strategic timing of the company’s launch, noting that it coincides with a period of global economic uncertainties and unpredictable risks. He expressed confidence in Crown Takaful Insurance’s ability to change the narrative by offering secure risk underwriting alternatives that cater to participants across various sectors.
The company’s technical team has developed Takaful Insurance Services, an advanced approach designed to meet the specific needs and demands of participants. The joint guarantee cooperative, open to all, focuses on principles such as social solidarity, financial protection, and transparency. Crown Takaful Insurance aims to provide security in areas including automobiles, real estate, travels, and family/life insurance services.
Song anticipates that the company will emerge as a leading player in the industry within six months of operations, urging Nigerians to critically assess the values of its products and services, emphasizing robust packaging for superior asset and family protection.
Industry analysts view the entry of Crown Takaful Insurance into the market as timely, aligning with NAICOM’s ongoing regulatory efforts to boost the performance of the industry and increase its contributions to the nation’s Gross Domestic Product. The move is seen as a positive step toward fostering innovation and competition within the Nigerian insurance landscape.
Credit: News Agency of Nigeria(NAN)
