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The National Insurance Commission (NAICOM) has engaged a World Bank delegation led by Mr. Mehnas Safavian, to explore opportunities for collaboration and growth in Nigeria’s insurance sector.
At its headquarters in Abuja, the Commissioner for Insurance, Mr. Olusegun Omosehin highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.
One major issue discussed at the meeting was the New Insurance Consolidated Bill.
The Commissioner emphasized the importance of the Consolidated Bill, which has been passed by the Nigerian Senate and is awaiting concurrence from the Federal House of Representatives. The NAICOM Chief expressed optimism that the bill will receive presidential assent once passed by both chambers.
Other vital issues deliberated were the perception of insurance by Nigerians.
The Commissioner acknowledged the challenge of changing public perception of insurance in Nigeria, citing past experiences of non-claim payment.
He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.
More so, penetration and enforcement of third-party insurance was brought to the fore as the Commissioner discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on the compulsory insurance enforcement, which began on February 1, 2025.
He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.
Mr. Omosehin reaffirmed his commitment to support President Tinubu’s vision of achieving a $1 trillion economy by 2030.
In the same vein, the Deputy Commissioner (Technical), Dr. Usman Jankara added that NAICOM aims to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.
On cyber insurance, Dr. Jankara unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders.
While decrying the insufficient actuarial capacity in the Nigerian insurance sector as a major challenge, NAICOM confirmed that it has started its automation process but faces a number of challenges in achieving full automation.
On her part, Mrs. Aisha Bashir from NAICOM discussed the importance of microinsurance regulation, highlighting the Commission’s efforts to serve low-income earners and those in rural areas as a strategy to promote financial inclusion.
In response, the World Bank delegation leader, Mr. Mehnaz, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development. The meeting marked a significant step towards fostering collaboration and growth in Nigeria’s insurance sector.
English (US) ·