The National Insurance Commission (NAICOM) and the World Bank have collaborated to explore opportunities for the latter’s growth and development.
During a courtesy visit, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, highlighted the National Insurance Commission’s dual role in regulating the insurance industry and driving growth and development in Nigeria.
Highlighting developments in the sector, the Commissioner emphasised the importance of the New Insurance Consolidated Bill, which has been passed by the Nigerian Senate and awaiting concurrence from the Federal House of Representatives.
He expressed optimism that the bill would receive presidential assent once passed by both chambers. He acknowledged the challenge of changing the 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.
On penetration and enforcement, the Commissioner 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.
He also emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.
In his part, the Deputy Commissioner, Technical, Dr Usman Jankara, added that NAICOM aimed to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.
He 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.
Responding, the World Bank delegation leader, Mr. Mehnas S. Safavian, 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.
