By David Akinmo,la
The National Insurance Commission (NAICOM) has stepped up its partnership with the Federal Ministry of Interior in a renewed push to deepen insurance penetration and enhance the sector’s contribution to the nation’s economic growth.
The Commissioner for Insurance, Olusegun Omosehin, led a NAICOM delegation on a strategic working visit to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja, at the weekend, where both parties discussed key initiatives aimed deepening insurance penetration and enhancing data integration across government institutions.
Omosehin commended the minister for his achievements in the ministry and reiterated the commission’s commitment to its advisory role to the government on insurance matters.
He stressed the commission’s readiness to collaborate with the ministry to drive innovation, promote compulsory insurance adoption, and improve data synchronisation across agencies.
Responding to the development, Dr. Tunji-Ojo lauded NAICOM’s renewed efforts to restore public confidence in the insurance sector, stressing the need for insurers to improve service qulity and develop solutions that reflect modern realities.
“You connot grew an economy without growing your insurance sector,” the Minister said, reaffirming the Ministry’s commitment to innovative policies that safeguard citizens while ensuring prudent use of government resources.
Among the major outcomes of the meeting was a proposal to mitigate the high cost of repatriation, currently running into billions of naira yearly. Both agencies agreed to explore the adoption of travel insurance coverage for individuals entering Nigeria on short-stay visas a move expected to reduce government expenditure and enhance fiscal efficiency.
The meeting also considered the establishment of a Technical Working Group (TWG) to design a framework for travel and repatriation insurance, develop a centralized material management system, and strengthen inter-agencies data synchronization.
In addition, NAICOM and the ministry emphasized the need to involve the National Identy Management Commission (NIMC) in creating a unified data verication system to curb fraud and streamline insurance processes.
Reafrming its regulatory oversight, NAICOM noted that it would continue to monitor insurance operators through an advanced solvency control framework, ensuring financial stability and protecting policyholders’ interest.
The collaboration signals a new phase in the nation’s insurance ecosystem one driven by innovation, data-driven policymaking, and strategic public-private engagement.
