NAICOM, World Bank in moves to boost Nigeria’s insurance sector

The National Insurance Commission hosted a delegation from the World Bank, led by Mr Mehnas Safavian to explore opportunities for collaboration and growth in the nation’s insurance sector.

According to a statement late Tuesday, the commission said the conversation during the meeting centred on regulatory reforms, capacity building and the sector’s role in supporting Nigeria’s economic growth agenda.

The commission, which is responsible for regulating the insurance industry in Nigeria. said key discussion points at the meeting include the new Insurance Consolidated Bill.

“The Commissioner, Olusegun Omosehin emphasised 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 would receive presidential assent once passed by both chambers.

“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.

“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.

‘The commissioner emphasised NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1tn economy,” part of the statement read.

Also at the meeting, the 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.

He unveiled NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders.

At the meeting, the commission identified insufficient actuarial capacity in the Nigerian insurance sector as a major challenge, adding that it has started its automation process but faces several challenges in achieving full automation.

In his remark, the World Bank delegation leader 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.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}