The Nationwide Insurance coverage Fee (NAICOM) has initiated discussions with the World Financial institution to discover alternatives for collaboration aimed toward addressing key challenges and driving development in Nigeria’s insurance coverage sector.
Throughout a courtesy go to by the World Financial institution delegation, the Commissioner for Insurance coverage, Olusegun Ayo Omosehin, recognized the inadequate actuarial capability throughout the Nigerian insurance coverage trade as a serious constraint.
He famous that whereas NAICOM has commenced its automation course of, a number of challenges stay in reaching full automation throughout its regulatory capabilities.
Omosehin identified the importance of the New Insurance coverage Consolidated Invoice to the World Financial institution staff which he stated has already been handed by the Nigerian Senate and is at present awaiting concurrence from the Federal Home of Representatives.
He expressed confidence that after each chambers approve the invoice, it should obtain presidential assent, marking a major step ahead for the trade’s regulatory framework.
Addressing public skepticism in direction of insurance coverage, the Commissioner acknowledged previous issues over non-payment of claims. To revive confidence, NAICOM has adopted a brand new operational mantra, “discover a motive to settle claims,” which has reportedly led to elevated compliance from trade gamers in declare settlements.
Omosehin additionally famous the Fee’s ongoing collaboration with the Nigeria Police Pressure and different related companies to implement obligatory insurance coverage, an initiative that commenced on February 1, 2025. He said that NAICOM has intensified public training efforts on the advantages of third-party insurance coverage via numerous media platforms to boost consciousness and compliance.
The Commissioner pledged NAICOM’s dedication to supporting President Bola Tinubu’s imaginative and prescient of reaching a $1 trillion economic system.
Including to this, NAICOM’s Deputy Commissioner for Technical Operations, Dr. Usman Jankara, outlined the Fee’s deal with working inside a value-driven framework that aligns with the wants and aspirations of Nigerians. He additional disclosed plans to develop cyber insurance coverage tips and interact trade stakeholders on implementation.
Mrs. Aisha Bashir, a senior official at NAICOM, spoke on the significance of microinsurance regulation, underscoring the Fee’s efforts to increase insurance coverage entry to low-income earners and rural communities.
Main the World Financial institution delegation, Mr. Mehnas S. Safavian assured NAICOM that the financial institution would take into account the Fee’s requests for technical help, significantly in areas resembling capability constructing, automation, and capital market improvement.