NIGERIA – Leading general business insurance company in Nigeria, Consolidated Hallmark Insurance has finally got the green light from the National Insurance Commission to start offering micro-insurance services in the country.
The Managing Director/Chief Executive Officer, Consolidated Hallmark Insurance Plc, Mr Eddie Efekoha, said that its micro insurance operational licence will help it to deepen the retail segment of the insurance market.
A statement from CHI revealed that the firm received approval-in-principle from the National Insurance Commission to operate CHI Micro Insurance Limited, a new micro life assurance subsidiary.
Efekoha, who is also the current president of the Chartered Insurance Institute of Nigeria, said, “We are set to take off, having put in place a robust network of retail and agency team that have contributed and continue to contribute immensely to the growth of the parent company.
The future is in retail business and micro insurance if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions.
This low-income segment has remained largely untapped and we are ready to give it our best shot.”
According to Efekoha, the business office for the micro insurance company had since been acquired and ready for occupation by the new team.
The business is going to leverage technology and strategic partnerships to give its customers an exciting insurance services experience, he added.
He described micro insurance as the type of insurance developed for the low-income segment of the population.
Such insurance was expected to be low-valued with simple features, easy to understand, whose delivery/distribution channels must be efficient, he added.
Following a merger in 2007, Consolidated Hallmark Insurance Plc emerged as one of the top ten General Business and Special Risk Insurance underwriters in Nigeria.
The company is also the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification).
In the last ten years, the company has played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in Motor insurance business.
