FG grants approval to second micro- insurance operator

By Joseph Inokotong, Abuja

The federal government has given approval for the issuance of licence to Casava Micro-Insurance Limited as the second state composite micro-insurance operator in Nigeria. 

This is in furtherance of its continuous efforts at deepening insurance penetration and increasing insurance points in the country. 

By this approval, Casava Limited has become the second stand-alone full-fledged micro- insurance operator in Nigeria. 

The National Insurance Commission (NAICOM) while announcing the approval in Abuja on Wednesday, said Casava Micro-Insurance Limited emerged successful among several applications received by the commission from individuals and corporate entities that requested for registration as micro- insurance operators in Nigeria. 

In a statement by the Head, Commissioner’s Directorate, Mr. Salami Rasaaq, the commission said “as a state composite micro -insurance company transacting life and general micro -insurance businesses in Lagos only, Casava Micro -Insurance Limited is the only successful company among several applications received in the commission from individuals and corporate entities requesting registration as micro insurance operator in Nigeria. 

“The company thus, becomes the second full-fledged stand-alone micro- insurance operator in Nigeria,” the statement further stated.