By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) has secured a commitment from the World Bank to support its efforts in deepening insurance penetration and fostering growth in Nigeria’s insurance sector.
This pledge was made during a courtesy visit by a World Bank delegation, led by Mr. Mehnaz S. Safavian, to NAICOM’s headquarters on February 4, 2025.
During the meeting, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, outlined NAICOM’s dual role in regulating the insurance industry and driving its development.
He emphasized key initiatives aimed at strengthening the sector, including the anticipated passage of the New Insurance Consolidated Bill, which has already cleared the Senate and is awaiting approval from the Federal House of Representatives.
Omosehin also highlighted NAICOM’s ongoing efforts to improve public perception of insurance, acknowledging past concerns over non-payment of claims. He noted that the Commission’s new mantra, “Find a reason to settle claims,” has led to increased compliance among industry players.
Additionally, he discussed the recent enforcement of compulsory insurance in collaboration with the Nigeria Police Force and other agencies, which commenced on February 1, 2025.
Deputy Commissioner Technical, Dr. Usman Jankara, reiterated NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy.
He noted that the Commission is focused on providing sustainable insurance products that meet the needs of Nigerians.
He also announced plans to develop cyber insurance guidelines and engage stakeholders in addressing the rising risks associated with digital transactions.
Other key issues discussed included the need to enhance actuarial capacity in the Nigerian insurance industry, the challenges hindering NAICOM’s full automation, and the importance of financial inclusion.
Mrs. Aisha Bashir, a senior official at the Commission, underscored the role of microinsurance regulation in extending coverage to low-income earners and rural communities.
In response, the World Bank delegation leader, Mr. Mehnaz, assured NAICOM of the institution’s willingness to provide technical and financial assistance in critical areas such as capacity building, automation, and capital market development.
The meeting marked a significant step toward strengthening Nigeria’s insurance sector through global partnerships and strategic reforms.
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