Insurance

NAICOM Urges World Bank To Explore Opportunities In Nigeria’s Insurance Sector

By Sunday Etuka, Abuja

The National Insurance Commission (NAICOM) has urged the World Bank delegation in Nigeria to explore opportunities for collaboration and growth in the nation’s insurance sector.

NAICOM gave the advice on Tuesday in Abuja, while receiving a delegation from the Global Bank, in a courtesy visit led by Mr. Mehnas Safavian.

Speaking during the visit, the Commissioner for Insurance, NAICOM, Mr. Ayo Omosehin, highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.

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He emphasized the importance of the New Insurance Consolidated Bill, which has been passed by the Nigerian Senate and is awaiting concurrence from the Federal House of Representatives.

He expressed optimism that the bill would receive presidential assent once passed by both chambers.

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.

Mr. Omosehin, discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on 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.

The Commissioner emphasized NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.

Also speaking, the Deputy Commissioner Technical, Dr. Usman Jankara, said that NAICOM aims to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.

Dr. Jankara unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders.

The Commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.

It has started its automation process but faces a number of challenges in achieving full automation.

On her part, Mrs. Aisha Bashir discussed the importance of microinsurance regulation, highlighting the Commission’s efforts to serve low-income earners and those in rural areas.

In conclusion, 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.

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