NAICOM, Police Join Forces to Boost Compulsory Coverage
By Patience Ikpeme
In a move aimed at bolstering the enforcement of compulsory insurances, the National Insurance Commission (NAICOM) and the Nigerian Police Force (NPF) have pledged closer collaboration.
This commitment emerged during a recent courtesy visit by the Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr. Olorundare Sunday Thomas, to Inspector General of Police Kayode Egbetokun.
During the visit, Mr. Thomas highlighted the importance of joint efforts in implementing mandatory insurance schemes across the country. He expressed his desire to explore new avenues for collaboration with the NPF, particularly in enhancing enforcement mechanisms for compulsory insurances.
IGP Egbetokun warmly welcomed the collaboration initiative first by expressing his appreciation for NAICOM’s support in insuring the NPF, pledging the force’s cooperation in enforcing compulsory insurances, recognizing their vital role in protecting citizens and promoting financial security.
This strengthened partnership holds promise for several positive outcomes. By leveraging the NPF’s reach and enforcement capacities, NAICOM can significantly improve compliance with compulsory insurances like vehicle insurance, group life insurance, and building insurance. This, in turn, benefits the public by ensuring access to crucial financial protection in case of accidents, death, or property damage.
The collaboration also benefits the insurance industry by expanding the pool of policyholders and fostering a culture of risk awareness. Additionally, the NPF stands to gain from improved risk management within the insured population, potentially leading to a decrease in accidents and associated criminal activity.
This renewed partnership between NAICOM and the NPF marks a significant step towards improved enforcement of compulsory insurances in Nigeria. By utilizing their combined resources and expertise, both institutions have the potential to create a more robust and inclusive insurance landscape that better protects and empowers Nigerian citizens.
