Ebere Nwoji
The National Insurance Commission (NAICOM), and the world Bank have deliberated on key challenges confronting the insurance sector.
According to NAICOM, the challenges are: Poor perception of Insurance, poor insurance penetration and lack of effective enforcement.
The Commissioner for Insurance, Mr Ayo Omosehin, stated this when a team of World Bank delegation paid him courtesy visit in his office in Abuja.
Omosehin, acknowledged the challenge of changing public perception of insurance in Nigeria, citing past experiences of non-claim payment as a major factor. He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.
He also discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began February 1, 2025.
He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.
Also speaking, Deputy Commissioner Technical Dr. Usman Jankara, added that NAICOM aimed to operate on a value proposition, meeting the needs and aspirations of Nigerians through sustainable insurance products.
Jankara disclosed NAICOM’s plan to develop cyber insurance guidelines and engage stakeholders.
He noted that there were insufficient actuarial capacity in the Nigerian insurance sector a situation which he said poses great challenge to the industry.
He informed the World Bank delegates that NAICOM has started its automation process but faced a number of challenges in achieving full automation.
NAICOM Director, Mrs. Aisha Bashir highlighted the importance of microinsurance regulation, pointing out the Commission’s efforts to serve low-income earners and those in rural areas.
In his response, the World Bank delegation leader, Mr. Mehnaz, promised to consider NAICOM’s requests for assistance, including capacity building, automation, and capital market development. He said the visit marked a significant step towards fostering collaboration and growth in Nigeria’s insurance sector.
