The Ministry of Interior and the National Insurance Commission NAICOM, has drawn up a technical working group for the purpose of establishing travel insurance policy that would 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.
This formed part of the jewels of the meeting held November 13 when the Commissioner for Insurance Olusegun Omosehin paid visit to Minister of Interior, Dr. Olubunmi Tunji-Ojo in Abuja, also included in the package is the creation of integrated data verification system, and the development of a centralised material management framework.
The strategic meeting also emphasised the need for the government to transfer certain liabilities to insurance companies, creating more efficient and cost-effective mechanisms for managing national risks. Their submission is that this innovative approach is expected to drive growth and development in the insurance sector.
The Commissioner also highlighted the Commission’s commitment to partnering with the Ministry to deepen insurance penetration and enhance data exchange synchronization.
In response, the Honorable Minister commended NAICOM’s efforts in restoring public trust and confidence in the insurance sector; and therefore urged the sector to improve quality of service and create innovative solutions to modern lifestyles.
The Hon. Minister acknowledged the insurance sector’s pivotal role in economic development, emphasizing that “you cannot grow an economy without growing your insurance sector.” He maintained that the Ministry of Interior remains committed to driving innovative solutions that protect Nigerian citizens while optimizing government resources.
