Noor Takaful, an indigenous takaful-insurance operator in Nigeria, has distributed surplus worth over N12m to its policy holders.
Noor Takaful was licensed by the National Insurance Commission (NAICOM) in April 2016 and started operation in 2017, providing ethical type of insurance.
Chairman of the company, Ambassador Shuaibu Ahmed, said at the distribution exercise held at its office in Lagos that the payment of the surplus was made possible by the model of insurance operated by Noor Takaful which he called “a win-win” insurance.
The model operates on the concept of contributions made by the participants (insured) which are pooled into a common fund managed by the takaful operator.
Some of the products offered include Noor Motor comprehensive takaful, Noor House owners/householders; Noor Fire and Special Perils and Noor Personal Accident Takaful, among others.
Speaking with Daily Trust, the chairman said Noor Takaful was the first insurance company in Nigeria distributing surplus to its policy holders.
He explained that the company believes that policy holders should be able to enjoy some benefits especially when claims have not been made throughout the year.
He said the surplus payment would continue annually as long as people have not made claims to take all the money in the risk fund.
He said, “This is the first time that policy holders in the insurance industry in Nigeria are getting something back from the premium or contributions they have paid with an insurance company.
