Finally, Micro-insurance Takes off in Nigeria

Wednesday, November 27, 2013

Keying into the projections of the micro-insurance network, the International Labour Organisation’s micro-insurance innovation facility, which estimates that at least a billion low income earners would be covered by micro-insurance globally in the next ten years, Nigeria has joined the nations that are determined to protect its poor and vulnerable by means of micro-insurance writes Nnamdi Duru

The renewed focus on micro-insurance, a specialised platform for the provision of insurance services, particularly to the poor, low income and non-salary earners, has truly pushed it above other issues in the insurance market globally.

The Deputy Director of the commission, Mr. Leo Akah, defined micro-insurance as “insurance that is accessed by the low income population, provided by licensed institutions, run in accordance with generally accepted insurance principles, and funded by premiums.”

Source: This Day Live (link opens in a new window)

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Base of the Pyramid, financial products, microinsurance