On February 4, 2025, the National Insurance Commission (NAICOM) welcomed a delegation from the World Bank, led by Mr. Mehnas S. Safavian, to explore opportunities for collaboration and growth in Nigeria’s insurance sector.
During the 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.
Key Discussion Points at the meeting:
– New Insurance Consolidated Bill: The Commissioner 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 will receive presidential assent once passed by both chambers.
– Perception of Insurance: 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.
– 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.
– Supporting President Tinubu’s Vision: The Commissioner emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy. Deputy Commissioner Technical Dr. Usman Jankara added that NAICOM aims to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.
– Cyber Insurance: Dr. Jankara unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders.
– Actuarial Capacity: The Commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge.
– Automation: NAICOM has started its automation process but faces a number of challenges in achieving full automation.
– Financial Inclusion: 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.
