By Henry Uche
Noor Takaful Insurance Limited, a pioneer composite Takaful Insurance firm in Nigeria, has distributed a total of One Hundred and Nine Million, Eight Hundred and Forty-Six Naira (N109,846,000.00) as surplus to participants (policyholders) who did not make claims on their insurance during the 2020 financial year.
Some of the customers who received surplus distribution include Lotus Capital Limited, Jaiz Bank Plc, Sterling Bank Plc, Vanguard Pharmacy ltd, Ansar-Ud-Deen Society of Nigeria, Federal Polytechnic Ilaro, Inverness Wealth Management, Global Synergy Limited and Crescent Schools.
The distribution which was made during the Surplus Distribution event held in Lagos, came as a result of the Win-Win insurance model operated by Noor Takaful.
Speaking at the event, Chairman of the firm, Muhtar Bakare, explained that out of the total sum of N109,846,000.00, the General Takaful participants were to get the sum of N74,121,000.00, while Family Takaful participants would receive N35,725,000.00.
Bakare assured the participants that the company remains committed to proactively taking all the necessary steps, including raising adequate capital,prudent underwriting and putting in appropriate covenants required to cover their risks.
“We have all the resources we need and the corporate governance structure to ensure that we continue to meet all our obligations as they fall due. It is pertinent to note that in 2021, we paid over N1.9 billion in claims, with a Claims Ratio of 22% — one of the best, if not the best, in the entire insurance industry,” he said. He then commended the regulator, NAICOM, for providing the right kind of oversight required to deepen, grow, and sustain the industry stating that their diligent approval processes, especially their insistence on prudence, probity, and best practice, have continued to help the company.
Also speaking at the event, the company’s Vice-Chairman, Aminu Tukur, reaffirmed the company’s commitment to redeem its pledge to policyholders, adding that Takaful would continue to provide innovation and leadership in the Takaful Insurance industry while maintaining the highest ethical and professional standards. In her remarks, the Managing Director, Lotus Capital Limited, Hajara Adeola, stated that, “The tenets of non-interest finance should attract anyone and should not offend anyone. It means being fair, avoiding ambiguity in the contract, avoiding gambling and many other businesses that are considered harmful to the society.” She commended Noor for their diligence in deepening the penetration of insurance and non-interest finance in Nigeria. “Non-interest finance such as Takaful insurance is a positive force spreading across the globe, empowering people, communities and building cities. It is a financial model that is simple, elegant, and emphasizes justice, fairness, and transparency,” she added.