FG licenses 2nd micro insurance operator

Joseph Inokotong, Abuja

The Federal Government has approved 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 standalone full fledged micro insurance operator in Nigeria. 

The National Insurance Commission (NAICOM), while  announcing the approval in Abuja Wednesday, said Casava Micro insurance Limited emerged successful among several applications received in 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, said “The National Insurance Commission (NAICOM) has approved Casava Limited as a state Composite insurance company, in its continuous efforts at deepening insurance penetration and increasing insurance access points in Nigeria”. 

According to the statement, the approval confers on Casava Limited the right to operate 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 become the second full fledged standalone Micro insurance operator in Nigeria,” the statement further stated.