Naicom grants CHI operational license for microinsurance

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By Favour Nnabugwu

 

 

Consolidated Hallmark Insurance (CHI Plc) has added a new line to its expanding insurance interests through the new operational licence granted to one of its subsidiaries – CHI MicroInsurance Limited (Life Assurance), by the National Insurance Commission (NAICOM).

The Group Managing Director of CHI Plc who also doubles as the Chairman of CHI Microinsurance Limited, Mr. Eddie Efekoha, said that the addition of Micro Life Assurance company to the stable of the Group is part of the long-term goals of the firm as a one-stop-shop for financial services solution. It is all about achieving full customer satisfaction, especially in the retail segment.

Mr. Efekoha said that the low insurance penetration rate in Nigeria will improve significantly if operators continue to take advantage of the large population to offer retail products, not only in general insurance business but also in life assurance. According to him, the market remains largely untapped due to focus on big ticket corporate transactions by many operators.

CHI MicroInsurance Limited has already put together a team of highly experienced and professional staff headed by Mr. Pius Karieren as Managing Director/CEO. The company has already obtained NAICOM approval for four retail products – the Esusu Plan, Welfare Plan, Credit Life, and the Cooperative Group Life Plans, all designed to meet the needs of the mass market. The business office complex is positioned in a central and accessible location at Anthony, Gbagada Lagos and properly backed by technology.

The MD/CEO, Pius said that he is greatly excited by the grant of the operational license and that they are in the market to change the face of Microinsurance for the benefit of the customers. He further said that arrangements are being finalised for the formal launch of the company.

CHI MicroInsurance Limited joins Grand Treasurers Limited and Hallmark Health Services Limited (Hallmark HMO) who have continued to play their role in consistently growing the key fundamentals of the Group.

Consolidated Hallmark Insurance (CHI Plc) Group is made up of Consolidated Hallmark Insurance (CHI Plc), providing General Insurance Business, CHI Microinsurance Limited, providing Micro Life Assurance, Hallmark Health Services Limited, which is a Health Management business, Grand Treasurers Limited, which is a CBN licensed Finance Company providing loans and finance for the individual and SMEs licence, among others

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