Yemisi Izuora
The National Insurance Commission, NAICOM, has issued approval in principle to Consolidated Hallmark Insurance (CHI Plc), to operate CHI Micro Insurance Limited, a new Micro Life Assurance subsidiary.
The company’s Chairman, Mr. Obinna Ekezie, had earlier urged shareholders during the Extra Ordinary General Meeting, EGM, of the firm to approve additional capital for the Company, following management agreement that the Micro Insurance subsidiary would commence full operations in the first Quarter of the year 2020.
He informed the shareholders that “the CHI Microinsurance Limited is on the verge of being granted an operational license by NAICOM, having met all the regulatory requirements and paid the statutory deposit to the Central Bank of Nigeria”.
With the approval by NAICOM, the Micro Insurance Life subsidiary is set for full operations.
This approval is considered a demonstration of confidence by NAICOM in the capacity of CHI Plc to successfully operate a Micro Life Assurance business, having successfully delivered on its General Insurance business line.
Managing Director/CEO of CHI Plc, Mr. Eddie Efekoha, said the operational license would further help in the effort to deepen the retail segment of the insurance market. “We are set to take off”, he said, “having put in place a robust network of retail and agency team that have contributed and continue to contribute immensely to the growth of the parent company. The future is in retail business and micro insurance if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions. This low-income segment has remained largely untapped and we are ready to give it our best shot”.
According to Efekoha, the business office for the microinsurance company has since been acquired and ready for occupation by the new team. The business will leverage on technology and strategic partnerships to give its customers an exciting insurance services experience.
With the approval by NAICOM to commence operations, CHI Micro Insurance Limited is set to deepen the insurance penetration by ensuring that those who had never considered themselves able to afford an insurance cover can now do so. The insurance premium can be as low as N1,000 to upwards of N5,000. The products will be tailored to meet the needs of the customers.
Consolidated Hallmark Insurance Plc, the parent company, has already established itself as a company that delivers on its promises and pay claims promptly. This same high quality customer fulfilment will be extended through its new CHI Micro Insurance Limited, life assurance subsidiary.
