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CHI secures microinsurance licence

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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, who also doubles as the Chairman, CHI Micro insurance Limited, Eddie Efekoha, told The Guardian at the weekend that the addition of Micro Life Assurance company to the group was part of the long-term goals of the firm as a one-stop-shop for financial services solution.

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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 the general insurance business but also in life assurance. According to him, the market remains largely untapped due to the focus on big-ticket corporate transactions by many operators.

The new firm has already put together a team of highly experienced and professional staff headed by Pius Karieren as the Managing Director/CEO with the 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 is properly backed by technology.

Pius said with the operational license, the firm is moving to change the face of microinsurance for the benefit of the customers. He stressed that the arrangements are being concluded for the formal launch of the company.

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