NAICOM met with a World Bank team to explore collaboration and boost Nigeria’s insurance sector. Key topics included the Insurance Consolidated Bill, improving public perception, and addressing capacity challenges. Initiatives for compulsory insurance enforcement and developing cyber insurance guidelines were also discussed. The meeting underscored commitment to supporting Nigeria’s economic ambitions.
The National Insurance Commission (NAICOM) recently held a meeting with a World Bank delegation led by Mr. Mehnas Safavian to discuss potential collaborations aimed at strengthening Nigeria’s insurance sector. They examined regulatory reforms, capacity building, and the sector’s vital role in Nigeria’s economic advancement. A significant focus was the new Insurance Consolidated Bill, awaiting approval from the Federal House of Representatives after passing the Senate.
Commissioner Olusegun Omosehin underscored the importance of the new bill, citing optimism for presidential assent after legislative concurrence. He also addressed the challenge of improving public perception towards insurance, acknowledging concerns about past claim payment experiences. His new mantra, ‘Find a reason to settle claims,’ aims to enhance compliance within the industry.
Additionally, Omosehin outlined NAICOM’s collaboration with the Nigeria Police Force to enforce compulsory insurance, which began on February 1, 2025. He also mentioned ongoing public education about the benefits of third-party insurance through various media. The meeting illustrated NAICOM’s commitment to supporting President Bola Tinubu’s aspiration of achieving a $1 trillion economy.
Dr. Usman Jankara, the Deputy Commissioner, Technical, stated that NAICOM aims for a value proposition by offering sustainable insurance products tailored to Nigerian needs. He revealed plans to develop guidelines for cyber insurance and engage industry stakeholders. However, challenges such as insufficient actuarial capacity and the transition to full automation were acknowledged.
The World Bank delegation leader expressed a willingness to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development. This meeting represented a foundational step toward fostering growth and collaboration in Nigeria’s insurance landscape.
The article discusses the collaboration between the National Insurance Commission (NAICOM) of Nigeria and the World Bank, focusing on efforts to enhance the insurance sector amid regulatory reform and economic goals. The introduction of the Insurance Consolidated Bill and approaches to public perception issues around insurance highlight the current state of the industry. Furthermore, initiatives for capacity building and development of essential insurance products signify the roadmap toward addressing challenges faced in the sector.
In summary, the meeting between NAICOM and the World Bank signifies an important collaboration aimed at enhancing Nigeria’s insurance sector. Key points of discussion included the Insurance Consolidated Bill, efforts to change public perceptions, and the establishment of sustainable insurance products. Overall, this initiative aligns with the broader economic vision of transforming Nigeria into a $1 trillion economy, highlighting a proactive approach to sector growth and development.
Original Source: punchng.com