Crown Takaful Insurance Ltd. has received operating licence from the National Insurance Commission (NAICOM) to begin business.

The company’s Managing Director, Mr Abubakar Song, confirmed this in a statement on Monday in Abuja.

BRANDPOWER reports that Song said the licence was coming barely few weeks after the issuance of approval-in-principle by the NAICOM on Dec. 18, 2023.

He said Crown Takaful Insurance was entering the risk-underwriting market as a solution provider.

Song said flagging off the company’s operations could not have come at a better time than now when the world was grappling with economic uncertainties and unpredictable risks.

“The company will be leveraging the professionalism and innovativeness of the management and workforce to change the narrative by providing secured risk underwriting alternatives that can guarantee Insurance for all cadres of participants,” he said.

Song said its technical team had designed Takaful Insurance Services tailored to meet the specifications and demands of participants.

“It is an advanced approach to insurance and provides an ethical option for participants or policyholders, who require financial security – offering flexibility and quality that can transform the lives of Nigerians.

“This Joint Guarantee Cooperative is open to all and focuses on social solidarity, financial protection, and transparency.

“Under Takaful, Crown Takaful provides security in areas such as automobiles, real estate, travels, and family/life insurance services, amongst others,” he added.

The insurer expressed optimism that the company would emerge as a leading player in the industry within six months of its operations.

He urged Nigerians “to analytically assess the values of its products and services in order to know that they are robustly packaged to deliver superior values to them in terms of assets’/family protection come rain or shine.”

Industry analysts believed that Crown Takaful Insurance coming into the insurance market was timely.

This is because of the current regulatory drives by NAICOM to boost the performance of the industry and increase its contributions to the nation’s Gross Domestic Product.