Noor Takaful Insurance Limited distributed N404.19 million in surplus to policyholders who lodged no claims in 2023.The decision underscored the rising economic significance of ethical finance within Africa’s largest economy.

This disclosure, made at the company’s Surplus Distribution and Claims Celebration in Lagos, revealed that more than 1,000 individuals, corporate and public institutions, qualified for the payout, while cumulative claims settled by the insurer since its 2017 launch have topped N1 billion in the industry.

Analysts say the figures point to the growing role of Takaful in unlocking long-term savings and risk management of households and businesses.
Speaking at the programme, Deputy Director at the National Insurance Commission (NAICOM), Dr Julius Odidi, who represented the Commissioner for Insurance, and described the surplus distribution, said the exercise was a testament to the fairness and inclusivity of the Takaful system.

“Celebrating surplus and the fulfillment of claims is a reminder of the trust, meaning of Takaful trust, Fairness and shared prosperity, “he said.
Renowned entrepreneur and keynote speaker, Ibukun Awosika, urged Noor Takaful to intensify efforts to educate Nigerians about the benefits of Takaful beyond religious perceptions.

“Non-conventional insurance is at an early stage in Nigeria, with just about 20,000 enrollees. There is a huge market opportunity and Takaful can re-engineer corporate values and encourage more people to embrace insurance,” she said.