The Managing Director of NICON Insurance Limited, Alhaji. Muhammad Bagudu Hussaini, has said only micro insurance can deepen insurance penetration in the North and attempt to bridge the huge insurance gap between the North and the South.
Alh. Hussaini said in Abuja that conventional way of selling insurance could not succeed in the North.
“For penetration, micro insurance can help because it is basically on retail basis. Only micro insurance can engender insurance penetration in the North. I stand to be corrected, but only micro insurance can engender penetration and patronage of insurance in the North – be it conventional insurance or others like Takaful,” he said.
He said Takaful could take care of other sensibilities like religion and so on for those who felt the conventional insurance did not conform to the tenets of their faith. The NICON CEO said the firm was developing innovative products to take advantage of the huge insurance market in the North and other parts of the country.