UnityKapital Assurance Plc, a Nigerian insurance company with a recorded NGN 518 million (USD 3.47 million) profit after tax in 2008, has announced the deployment of a comprehensive information technology (IT) system and an expansion into newer areas of insurance, including Islamic insurance and microinsurance. Under Islamic insurance, commonly known as takaful, policyholders act as joint investors with the insurance vendor and “share in the investment pool’s profits as well as its losses.” This type of insurance is compliant with Shari’ah—Islamic law—and there now exist general, health and family takaful plans.
Managing Director of UnityKapital, Mr Mohammed Kari, announced, “We are poised to transform the company into a totally IT-based company with first class services, interconnecting all parts of our country, with a nationwide branch network.” He also stated that the company has finalized plans to launch its insurance operations in 200 outlets across the country within the next year. Further details have not been released.
By: Stefanie Rubin, Research Assistant
About UnityKapital Assurance Plc:
UnityKapital Assurance Plc is a Nigerian-based insurance company. The company was founded in 1973 as Kano State Insurance Company Limited (KSICL) and rebranded by changing its name to UnityKapital Assurance Plc in 2008. In 2008, its profit after tax was NGN 518 million (USD 3.47 million), and it had 50 branches.
Additional Resources:
Source Article: Vanguard: “UnityKapital Plans IT Deployment, Micro-insurance Services,” http://www.vanguardngr.com/2009/12/21/unitykapital-plans-it-deployment-micro-insurance-services/
MICROCAPITAL BRIEF: Expert Points to Need for Microinsurance in Nigeria as Insurance Penetration Rate Worsens: https://www.microcapital.org/microcapital-brief-expert-point-to-need-for-microinsurance-in-nigeria-as-insurance-penetration-rate-worsens/
UnityKapital Assurance Plc: http://www.unitykapital.com/
Institute of Islamic Banking and Insurance: http://www.islamic-banking.com/takaful_insurance.aspx
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