Foreign investments

Kano uses compulsory insurance to drive foreign investment

The Kano State government has decided to explore opportunities in the insurance sector to attract foreign investment to the state.

The state government is optimistic that a well-established insurance culture in Kano State will ensure investors have security in their investments.

Kano State Government Secretary, Usman Alhaji, representing the State Governor, Dr.

Abudullahi Umar Ganduje made the revelation in Abuja during a three-day retreat for members of the Technical Committee on the Implementation of Liability and Other Insurance in Kano State.

Usman Alhaji told reporters that “the Kano State government is exploring and promoting the insurance culture in the state to, among other things, encourage foreign direct investment (FDI).

In the long term, they (the investors) will also need to be insured and this will give them the necessary security in case of the eventuality”.

The compulsory insurance policy adopted by the Kano state government, he said, “is deliberate because we know that in the long run we will benefit each other: the insurance companies; the state government and the people of Kano.

Usman Alhaji added that the compulsory insurance policy was adopted by the state government in its quest “to make Kano a better state, develop economically and move to the next level”.

He said the police will ensure “the protection of the people of the state and their businesses, ensuring that they are insured and that in the event of any eventuality they can obtain relief”.

The policy, he noted, “will also ensure that we increase our internally generated revenues, so that we can continue to deploy them in other development sectors and help the government fulfill its number one obligation which is to protect the lives and property of our people”. he said.

“In the event of unfortunate circumstances, we know that we will have taken the necessary measures to relieve the families of the people and, of course, the business owners.

Developing the culture of insurance
Insurance Commissioner and Chief Executive of the National Insurance Commission (NAICOM), Mr. Sunday Thomas, said the action taken by the Kano State Government on insurance is testimony that insurance can indeed flourish. anywhere in Nigeria.

He said the goal of the retreat was to equip committee members with the necessary information and knowledge to enable them to maximize opportunities that would help build and grow the culture of insurance among the citizens of the state. from Kano.

Thomas said the Kano state insurance policy would help the state “generate more revenue and serve as a social protection mechanism that would help both the government and citizens in the event of a disaster.”

Compulsory insurances that would be enforced in the state, he said, would be “the motto of third-party insurance covers all power-driven vehicles that travel on public roads.”

“Third party liability insurance covers all buildings under construction with more than two floors.

“In addition, all public buildings including schools, offices, hotels, hospitals, market stores, malls, etc.

“Professional allowance for all doctors and hospitals in Kano State.

“Collective life insurance for all labor employers who employ more than three people and the annuity for retirees as provided for by the pension reform law as an option.

“As one of the main commercial nerve centers of our country, with a huge population and commercial potential, the adoption and application of these compulsory insurances will undoubtedly increase the income from insurance premiums in the country. .

“This will create thousands of job opportunities in the state, improve the living standards of the people and increase the state’s internally generated revenue.

Thomas, however, said that beyond the mandatory classes of insurance, the committee would be educated on the need to appreciate and exploit the benefits of insurance by encouraging individuals or corporations in the state to adopt other non-compulsory insurance.

“It’s either Takaful insurance, otherwise known as Islamic insurance, or micro-insurance that caters to low-income people who make up a larger percentage of the population and businesses. .

“This will allow for a holistic approach to insurance demand that will address most anti-insurance sentiments in our society.

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Emmanuel Ukoh
Kano uses compulsory insurance to drive foreign investment

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