In its drive to ensure insurance market development through enhanced access points for insurance services in Nigeria, The National Insurance Commission has granted approval to GOXI Microinsurance Company Limited to operate as a State Composite Microinsurance Company transacting Life and General Microinsurance Business in Lagos State only.
This is one of several applications received in the Commission from individuals and corporate entities requesting approval for registration as Micro insurance operators.
It will be recalled that among the requirements of the micro-insurance guidelines released by NAICOM last year a State Composite Micro-insurer’s minimum capital base is N100 million, while the general business is N60 million and Life, N40million.
Insurers should take up intensive awareness on benefits of microinsurance to SMEs The company is also expected to operate in any one state of the federation and this has made Goxi Micro Insurance Company Limited the first to start micro insurance operation in the country.
GOXI Micro insurance Company Limited thus become the first full-fledged standalone Micro Insurance Operator in Nigeria