NAICOM Seeks Governors’ Forum Collaboration to Deepen Insurance Penetration
By Patience Ikpeme
The National Insurance Commission (NAICOM) has embarked on a campaign to encourage state governments to prioritize compulsory insurance, seeking the support of the Nigeria Governors’ Forum (NGF).
The Commissioner for Insurance and Chief Executive of NAICOM, Mr. Olusegun Ayo Omosehin, met with the Director General of the NGF, Dr. Abdulateef Shittu, at the NGF Secretariat in Abuja to discuss the importance of deepening insurance culture in Nigeria.
Omosehin highlighted the need for a coordinated approach between NAICOM and the states to ensure compliance with compulsory insurance laws. He emphasized the role of the NGF Secretariat as a policy hub for state governors and expressed the hope for a fruitful partnership to enhance insurance penetration.
The Commissioner noted that while the federal government has been actively promoting compulsory insurance, state-level involvement is crucial for effective implementation. He emphasized the need for states to domesticate compulsory insurance laws and create awareness about the benefits of insurance.
Dr. Shittu welcomed NAICOM’s initiative and expressed optimism about the potential for a positive impact on insurance penetration in Nigeria. He highlighted the NGF’s role as a policy hub and resource center for state governors and emphasized the Secretariat’s commitment to supporting the collaboration.
A joint committee was formed to develop a concept note outlining the specific steps to be taken to deepen insurance penetration in the states. The NGF Secretariat and NAICOM agreed to review the concept note and initiate the implementation process promptly.
This collaboration between NAICOM and the NGF marks a significant step towards promoting compulsory insurance and strengthening the insurance sector in Nigeria. By working together, the two organizations aim to increase awareness, improve compliance, and ultimately enhance the financial security of citizens across the country.
