The National Insurance Commission (NAICOM) has approved the application of Casava Microinsurance Limited to operate as a State Composite Microinsurance Limited.
With this approval, Casava Microinsurance Limited will be transacting Life and General Micro Insurance Business in Lagos State only.
A statement by Head, Commissioner’s Directorate, ‘Salami Rasaaq, said Casava Microinsurance Limited is one of the successful company among several applications received in the Commission from individuals and corporate requesting registration as microinsurance operators in Nigeria.
The Company, he said, thus becomes the second full-fledged stand-alone Micro Insurance operator in Nigeria.
Casava’s approval is subject to meeting the capital requirement of N100 million to play in this segment of the market which is expected to focus on those at the lower cadre of the society, an area that has not been fully tapped for long.
The Deputy Commissioner, Technical, Sunday Thomas, had said in an interview that a state microinsurance is required to meet N100 million capital requirement before a license can be issued.