The National Insurance Commission (NAICOM), the Nigerian insurance regulatory authority, reportedly has given Mansard Insurance, a Nigeria-based insurance company, approval to offer microinsurance plans to the public [1]. NAICOM defines microinsurance policies as insurance offerings that provide payouts of no more than NGN 1 million (USD 6,150). While Mansard’s microinsurance plans will be offered to the general public, their costs, policy terms and coverage are targeted to low-income individuals and households.
One of the products that will be offered by Mansard is the Mansard Instant Plan, which will provide life and accident insurance for an annual premium of NGN 1,000 (USD 6). The product offers payouts of up to NGN 100,000 (USD 600) in the event of permanent disablement or death and up to NGN 10,000 (USD 60) for medical expenses resulting from an accident [2]. Masard also offers mortgage, education and group life insurance plans [3].
As of December 2012, NAICOM reported total assets of NGN 5.65 billion (USD 34.7 million) and 195 employees [4]. As of March 2014, Mansard reported total assets of NGN 39.6 billion (USD 243 million) and total liabilities of NGN 24.1 billion (USD 148 million) [5].
By Benjamin Krupp, Research Associate
About National Insurance Commission (NAICOM)
The National Insurance Commission (NAICOM) is the government authority charged with regulating the insurance market in Nigeria. It was established under the National Insurance Commission Act of 1997 with changes mandated by the Insurance Act of 2003. As of December 2012, NAICOM reported total assets of NGN 5.65 billion (USD 34.7 million) and 195 employees.
Sources and Additional Resources
[1] Mansard Insurance: Mansard Secures NAICOM Approval for Micro Insurance Products
[2] Business Day: Mansard Insurance Gets NAICOM Approval on Micro Insurance Products
[3] Mansard Insurance: Life Insurance
[4] National Insurance Commission: Financial Statement 2012
[5] Mansard Insurance: 2014 Unaudited Financials
MicroCapital, May 14, 2014: Central Bank of Nigeria Bans Debtors Owing More than $1.5m to Liquidated Banks from Seeking New Credit
MicroCapital, March 3, 2014: Central Bank of Nigeria Announces Closure of 83 Microfinance Banks (MFBs), Denies Shutdown of Additional 600 MFBs
MicroCapital, September 6, 2013: Law Union and Rock Insurance Launches Microinsurance in Nigeria
MicroCapital Universe Profile: National Insurance Commission (NAICOM)
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