The World Bank and the National Insurance Commission (NAICOM) met in the chambers of the Commission yesterday using it as a threshold to mark a significant step towards fostering collaboration and growth in Nigeria’s insurance sector. The World Bank delegation was led by Mr. Mehnas S. Safavian.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin unveiled to the Bank the scorecard of the Commission, starting with but not in the order of first among equals, the Insurance Bill 2024 which is still in the works awaiting House of Representatives concurrence and the ultimate President’s accent. This light in the horizon is being obscured by the challenge of parallax perception of insurance which hinge on blurred experiences of non-claim payment and stories freely passed by the public including those who have not been involved in insurance transaction. The Commission antidote the CFI explained is weaved into its new mantra, “find a reason to settle claims” which he cleared, has led to compliance from industry players.
Also in the Commission’s power point is the penetration and enforcement spin off being railroaded by the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began on February 1, 2025. He said NAICOM is matching it with public benefits of third-party insurance through various media channels.
In the score is the Commission’s ongoing automation process but faces numerous challenges in achieving full automation. Another uphill drive is attaining adequate actuarial capacity because insufficient actuarial capacity in the Nigerian insurance sector.
The Commission Technical chief Dr. Jankara said NAICOM’s has set out to develop stakeholders guided cyber insurance guidelines and while Mrs. Aisha Bashir discussed the importance of microinsurance regulation and the Commission’s efforts to serve low-income earners and those in rural areas. The CFI capped with NAICOM support of the President vision of a $1 trillion economy and Deputy Commissioner Technical Dr. Usman Jankara added that NAICOM would lay out a value proposition to meeting the needs and aspirations of Nigerians through sustainable insurance products.
The World Bank delegation leader, Mr. Mehnaz, promised to consider NAICOM’s requests for assistance incapacity building, automation, and capital market development.
