Nigeria’s insurance sector boosted with NAICOM-World Bank partnership
Joy Agwunobi
The National Insurance Commission (NAICOM) and the World Bank have deepened discussions on strengthening Nigeria’s insurance sector through regulatory reforms, capacity building, and market expansion.
During a courtesy visit, Olusegun Ayo Omosehin, the commissioner for insurance, outlined NAICOM’s dual mandate of overseeing the industry’s regulations while also driving its growth.
He noted that the meeting focused on key industry reforms, particularly the new Insurance Consolidated Bill, which has been passed by the Senate and is awaiting approval from the House of Representatives. He expressed confidence that the bill would receive presidential assent once it clears both chambers.
Omosehin acknowledged the longstanding challenge of public mistrust in the insurance sector due to past incidents of unpaid claims. According to him, NAICOM introduced a new approach, “Find a reason to settle claims,” which has led to greater compliance among industry players.
He also highlighted the commission’s recent partnership with the Nigeria Police Force and other agencies to enforce compulsory insurance policies, a move that officially took effect on February 1, 2025. Additionally, Omosehin stated that NAICOM has intensified efforts to educate the public on the benefits of third-party insurance through various media platforms.
Reaffirming the commission’s support for President Bola Tinubu’s vision of a $1 trillion economy, Omosehin stressed that a robust insurance sector is critical to Nigeria’s economic growth.
Speaking at the meeting, Usman Jankara, NAICOM’s deputy commissioner for technical, stated that the commission is committed to ensuring that insurance products align with the needs and expectations of Nigerians.
He further revealed plans to develop cyber insurance guidelines and engage stakeholders on the initiative.
The commission also identified the shortage of actuaries as a major setback in the industry noting that while NAICOM has initiated the automation of its processes, it acknowledged existing challenges in achieving full automation.
On behalf of the World Bank, delegation leader Mehnas S. Safavian assured NAICOM that the organisation would review its requests for support, particularly in capacity building, automation, and capital market development.