Noor Takaful presents excess checks of N15 million to policyholders

Noor Takaful presents excess checks of N15 million to policyholders


Lagos, Nigeria. Wednesday August 19, 2020. Noor Takaful, the leading Islamic insurance in Nigeria, announced for the second consecutive year the distribution of an overpayment (cashback) worth more than fifteen million Naira to participants (insured ) who have not made a claim as part of efforts to promote ethical assurance in Nigeria.

The also announced the launch of its mobile application to make its products and services more accessible to the retail market.

The surplus payment resulting from the win-win insurance model operated Noor Takaful, an indigenous insurance licensed the National Insurance Commission in 2016, thrives on the pool of funds provided participants (insureds) who is managed the Takaful Operator.

This second payment package is an increase of 12 million naira distributed in 2019 to policyholders who did not file a claim during year.

It should remembered the payment of the surplus incurred the in April 2019 after the approval of NAICOM, the industry regulator.

Takaful is the interest-free financial insurance market seeks to reach a large market of uninsured Nigerians spanning the six geopolitical zones of the country.

Noor Takaful presents excess checks of N15 million to policyholders

L-R: President, Noor Takaful, Ambassador Shuaibu Ahmed; Insurance Agent, BUA Group Limited, Saidu Abdulfatah; Representative of the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Ms. Bukola Ifemade and Managing Director, Noor Takaful, Mr. Aminu Tukur during the presentation of to policyholders Noor Takaful in Lagos today.

Speaking at the event held on Wednesday, August 19, 2020 in Lagos, the ’s President, Ambassador Shuaibu Ahmed, noted the surplus granted to attendees demonstrates the ’s commitment to encourage Nigerians to part of the Takaful insurance market as well. promoting financial inclusion in the country.

According to Ahmed, this distribution of surplus would go a long way in further deepening the penetration of insurance in the Nigerian market, as Nigerians would now more willing to purchase insurance given this segment of the market is seen as ethical and rewarding.

“There is no doubt that this idea of ​​giving something back to policyholders would naturally spark interest in insurance as Nigerians would now less skeptical of their involvement. Paying the excess is further proof that insurance can done in a fair and ethical manner, ”he said.

He noted that the surplus offer was designed to allow policyholders to enjoy certain benefits, especially claims have not made throughout the year, stating that no such insurance package does offer such a benefit.

In his remarks, the company’s acting general manager, Aminu Tukur, said the distribution of surplus to policyholders continued to serve as a big draw for the Takaful insurance market, interested participants now increasing daily.

“The overpayment to policyholders comes from our win-win insurance model and this has a great asset to us at Takaful as we continue to see an increase in the number of interested participants on a daily basis,” Tukur said.

Tukur further stressed that policyholders would continue to reap the benefits of paying the excess every year, provided there is no pretense of taking all the money from the risk fund.

While urging Nigerians to take the opportunity, he described Takaful as a that could explored interested people or organizations in different sectors of the economy as it provides insurance against losses and other associated risks. .

Speaking in more detail about some of the products as well as the ways the company has developed to change the narrative of the industry, Noor Takaful, Business Development and Sales Manager, Mr. Rilwan Sunmonu said that it had become imperative to reject the idea that its products are strictly for Muslims, adding that non-Muslims can access them as well.

“This company prides itself on being a customer-centric organization that has invested in technology to ensure that the needs and expectations of our participants, particularly in the area of ​​claims, are met in a timely manner. Over the past four years, the business and customer base have continued to grow for the corporate and retail sector, ”noted Sunmonu.

Sunmonu reaffirmed that Takaful remains the only segment of the insurance industry that is built on fairness and justice as it offers real value for the money invested.

About Noor Takaful

Noor Takaful Insurance Ltd, an insurance company, was established and duly licensed NAICOM in April 2016 as the first fully-fledged composite takaful insurance operator in Nigeria 100% Nigerian ownership. The company is currently playing a pioneering and leading role in unlocking the potential of takaful insurance for Nigeria. Its operational framework is regulated the NAICOM and is also subject to the provisions of the Insurance Act 2003.

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