The National Insurance Commission (NAICOM) has made known its commitment to partnering with the Ministry to deepen insurance penetration and enhance data exchange synchronization.
This formed the crux of conversation when the commission paid a strategic working visit to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in his office in Abuja, marking a significant milestone in the country’s insurance landscape.
The visit, led by the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, provided an opportunity to discuss critical developments and explore collaborative opportunities for national economic growth.
Mr. Omosehin who commended the Minister for his landmark achievements at the Ministry reaffirmed NAICOM’s role as an adviser to government on insurance matters.
In response, Minister Tunji-Ojo thanked the CFI for the visit and commended NAICOM’s efforts in restoring public trust and confidence in the insurance sector. The Minister also urged the sector to improve on the quality of service to Nigerians and create innovative solutions to modern lifestyles.
The 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.
Key Highlights of the partnership include: Sector Collaboration and Advisory, Repatriation Cost Mitigation, Insurance Sector Innovation, Data Verification and Synchronization, Technical Working Group and Regulatory Oversight.
On Sector Collaboration and Advisory Role, NAICOM reaffirmed its commitment to educating stakeholders and enhancing insurance penetration, emphasizing its role as a government advisor on insurance matters. While on Repatriation Cost Mitigation, The meeting identified significant taxpayer expenses related to repatriation, estimated at billions of Naira annually, and proposed a strategic solution: implementing 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.
They agreed to partner on Insurance Sector Innovation. Discussions emphasized the need for the government to transfer certain liabilities to insurance companies, creating more efficient and cost-effective mechanisms for managing national risks. This innovative approach is expected to drive growth and development in the insurance sector.Data Verification and Synchronization: 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. This will significantly reduce fraud and enhance the overall efficiency of the insurance industry.A technical working group will be established to explore the feasibility of a comprehensive travel/repatriation insurance policy, develop a centralized material management (CMA) system, and facilitate inter-agency data synchronization. This working group will drive the implementation of these initiatives and ensure their successful rollout.
NAICOM reaffirmed its commitment to monitoring insurance operators through a sophisticated solvency control and intervention framework, ensuring financial stability and protecting consumer interests.
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