NAICOM Seeks World Bank Collaboration to Boost Nigeria’s Insurance Sector
By Patience Ikpeme
The National Insurance Commission (NAICOM) has sought collaboration with the World Bank to explore opportunities for growth and development within the Nigerian insurance sector.
During a courtesy visit, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, highlighted key challenges facing the industry, including insufficient actuarial capacity and the complexities of full automation.
Omosehin emphasized the importance of the New Insurance Consolidated Bill, which has been passed by the Senate and awaits concurrence from the House of Representatives. He expressed confidence that the bill will receive presidential assent upon passage by both chambers.
Recognizing the need to improve public perception of insurance, particularly concerning past experiences with non-claim payments, Omosehin introduced NAICOM’s new mantra: “find a reason to settle claims.” This approach has reportedly led to increased compliance from industry players.
The Commissioner also discussed the recent collaboration with the Nigeria Police Force and other agencies on compulsory insurance enforcement, which commenced on February 1, 2025. Alongside this, NAICOM is actively engaged in public education campaigns to raise awareness about the benefits of third-party insurance through various media channels.
Omosehin reiterated NAICOM’s commitment to supporting President Bola Tinubu’s vision of a $1 trillion economy. Deputy Commissioner Technical, Dr. Usman Jankara, further elaborated on NAICOM’s strategic direction, emphasizing a value proposition that prioritizes meeting the needs and aspirations of Nigerians through sustainable insurance products. Dr. Jankara also unveiled plans to develop cyber insurance guidelines and engage stakeholders in the process.
Mrs. Aisha Bashir underscored the importance of microinsurance regulation, highlighting NAICOM’s efforts to serve low-income earners and those residing in rural areas.
The World Bank delegation, led by Mr. Mehnas S. Safavian, expressed willingness to consider NAICOM’s requests for assistance, which include capacity building, automation initiatives, and the development of the capital market. This collaboration between NAICOM and the World Bank signifies a significant step towards strengthening the Nigerian insurance sector and fostering its contribution to national economic growth.
