Goxi Microinsurance Commences Operation

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Goxi Microinsurance Company Limited, first stand-alone micro-insurance company under the guidelines of the National Insurance Commission (NAICOM) has been launched.

The company which was unveiled in Lagos, recently, aims to improve lives and support micro and small businesses in line with its institutional mandate.

Speaking at the launch, the Chairman of Goxi Microinsurance, Dr. Godwin Ehigiamusoe, said the company was set to blaze the trail with delivery of responsive insurance policies through flexible and innovative structures.

He added that low income Nigerians in rural and urban communities needed a bouquet of insurance cover for their lives, farms, shops and assets.

Ehigiamusoe said: “The establishment of Goxi Microinsurance Company Limited is in line with our institutional mandate of improving lives and supporting micro and small businesses. It is our conviction that low-income people and owners of micro and small businesses require robust risk mitigation services.

“By the nature of their slim economic base, the targets of Goxi MicroInsurance Company Limited, low-income people and micro and small enterprises are highly vulnerable. The death of a bread winner in a low-income household can be devastating. Fire in the market place can wipe out the entire assets of an owner of micro and small businesses.

“Access to insurance cover is therefore vital to efforts to address poverty and expand the frontiers of finance. Microfinance and micro-insurance are complementary services that are very effective in addressing the challenge of poverty.

“While access to finance assists low income people to build up assets, insurance services protect their micro-assets. Goxi MicroInsurance Company with the support of National Insurance Commission (NAICOM) is set to blaze the trail with delivery of responsive insurance policies through flexible and innovative structures.

“Low income Nigerians in rural and urban communities need a bouquet of insurance cover for their lives, farms, shops and assets.”

The chairman also explained that for viability and effectiveness, serving low-income people required partnership and collaboration.

He noted that the company would draw heavily on the cumulated skills on how to reach, engage and serve low-income people that is domiciled in the LAPO System.

“Goxi MicroInsurance Company Limited will be open to partnership with community-based associations and co-operative societies. We are not unaware of the challenges providing insurance cover for persons at the bottom end of the society. The board and management of the company is poised to address these challenges.

“Through community engagement and enlightenment, Goxi Microinsurance Company will strive to address the challenge of ‘God forbid’ and other cultural and psychological barriers,” he added.

On his part, the Chief Executive Officer of Goxi Microinsurance, Shina Gbadegesin, said: “We are very much aware of the common challenges of lots of intelligent, vibrant and hardworking Nigerians who work hard every day to take their business to the next level, send their children to school, cater for the well-being of their family.

“But some of these dreams can be kept short by unexpected events, untimely death, sickness and accident. Goxi Microinsurance is well positioned to address these and many more by ensuring that genuine aspiration of people can be supported and met through provision value based Insurance products and services without worry.”