Ebere Nwoji

The National Insurance Commission (NAICOM ), has signed a number of agreement with the minister of  Interior, Dr. Olubunmi Tunji-Ojo, to  address the  concerns of Nigerians on travel insurance and other related matters.

 The duo signed the agreement  when the commissioner for Insurance, Mr  Olusegun  Ayo Omosehin paid a courtesy visit to the interior minister in his office in Abuja.

Among the issues addressed in the agreement was repatriation cost mitigation in which the two government agencies identified significant taxpayer expenses related to repatriation, estimated at billions of naira annually, and proposed a strategic solution.

They agreed on the implementation of  travel insurance to cover repatriation expenses, particularly for individuals entering Nigeria on short-stay visas. 

This initiative is expected to alleviate the financial burden on taxpayers and enhance the country’s economic stability.

 Both the interior minister and insurance commissioner also emphasised on the need for the government to transfer certain liabilities to insurance companies, creating more efficient and cost-effective mechanisms for managing national risks. The innovative approach is expected to drive growth and development in the insurance sector.

At the meeting, a  critical initiative was proposed to enhance data verification processes, with the National Identity Management Commission (NIMC) playing a central role in creating a robust, single-source verification system for the insurance sector. 

They noted that this  would significantly reduce fraud and enhance the overall efficiency of the insurance industry.

They also agreed on establishment of a technical working group to explore the feasibility of a comprehensive travel/repatriation insurance policy, develop a centralised material management (CMA) system, and facilitate inter-agency data synchronisation. 

“This working group will drive the implementation of these initiatives and ensure their successful rollout”, the commissioner stated. At the meeting, NAICOM reaffirmed its commitment to monitoring insurance operators through a sophisticated solvency control and intervention framework, ensuring financial stability and protecting consumer interests.