NAICOM building
By Bakare Olatunde
The National Insurance Commission (NAICOM), has stressed the need for the World Bank to exploit opportunity in the nation’s insurance industry.
The commission also informed the bank on the latest insurance policy and implementation strategies to the bank with the hope the Bank will key into potential opportunities created by the sector.
The commission revealed during a meeting held in Abuja, with delegations from the World Bank, led by Mehnas S. Safavian, to explore opportunities for collaboration and growth in Nigeria’s insurance sector.
During the meeting, the Commissioner for Insurance, Olusegun Omosehin, reflected on NAICOM’s regulatory and developmental mandates and spotlighted the huge potential growth in the insurance sector.
Omosehin explained the significance 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 will receive presidential assent once passed by both chambers.
The Commissioner accepted 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 operators.
On industry penetration and enforcement, the commissioner also spoke on the collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began on February 1, 2025.
The commissioner explained NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.
Speaking also at the meeting, the Deputy Commissioner Technical Dr. Usman Jankara, assured the delegates on NAICOM’s 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.
He identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.
The World Bank delegation leader, Mehnaz, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development.
