Underwriting firm, Mansard
Insurance plc, has secured approval of the National Insurance Commission
(NAICOM) to roll out micro insurance products in Nigeria, becoming one
of the first to get this approval after the guideline was released in
November 2013.
Micro insurance products are
insurance products designed to be appropriate for the low-income market
in relation to cost, policy terms, coverage and delivery mechanism.
NAICOM classifies
micro-insurance policies to cover little risks and therefore, exclude
special risks like motor insurance (except tricycles and motorcycles),
professional indemnity and other pecuniary risks with sums insured
higher than N1 million. The commission notes that for any company to get
approval to carry out micro insurance business, its products must be
simple, affordable and valuable.
Mansard’s micro insurance
products are aimed at delivering insurance coverage to Nigerians of all
walks of life, irrespective of their location or socio-economic class,
and by this approval Mansard Insurance becomes one of the first
underwriting firms to be granted approval to carry out micro insurance
business.
One of Mansard’s micro insurance
offering is the Mansard Instant Plan (MIP), a very simple plan that
provides life and accident insurance cover to the policy holder. For as
little as an annual premium of N1,000, the plan promises a sum assured
of N100,000 cover for permanent disablement or demise and up to N10,000
for medical expenses in case of accidents. Medical test is not required
to buy this policy and it can be obtained at all Mansard Insurance
consumer touch points nationwide.
Mansard Insurance was
incorporated in 1989, as a private limited liability company, and is
registered as a composite company with the NAICOM. The company offers
life and non-life insurance products and services to individuals and
institutions across Nigeria, while also offering Investment Management
and Health Maintenance solutions through its two subsidiaries, Mansard
Investments Limited and Mansard Health Limited, respectively. The
company also recently received NAICOM’s approval for micro insurance
operations.
The company was listed on the
Nigerian Stock Exchange in November 2009, and has market capitalisation
in excess of N24 billion, remaining the biggest insurance company on the
NSE.
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