The National Insurance Commission (NAICOM) has engaged the World Bank in a strategic move to deepen industry reforms, enhance enforcement, and support President Bola Ahmed Tinubu’s economic vision.
This came to the fore when the NAICOM hosted a high-level delegation from the World Bank, led by Mr. Mehnas S. Safavian.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, while reflecting on the key moments of the engagement, stressed NAICOM’s dual mandate of not only being a regulator but also as a growth driver for the sector.
According to him, the discussions centered on pivotal industry challenges and reforms, particularly the anticipated New Insurance Consolidated Bill, which had successfully passed by the Nigerian Senate and was awaiting final legislative approval.
Omosehin expressed confidence that the bill would soon receive presidential assent, positioning it as a game-changer for the industry’s regulatory landscape.
A significant point of the engagement was the long-standing issue of public trust in insurance.
Acknowledging past grievances regarding non-payment of claims, NAICOM introduced a transformative industry mantra: “Find a reason to settle claims.”
According to him, this shift in mindset has already started reshaping industry compliance and consumer confidence.
In addition, the recent collaboration with the Nigeria Police Force (NPF) on enforcing compulsory insurance officially launched on February 1, 2025, signals a new era of compliance and accountability.
Also, NAICOM reaffirmed its role in Nigeria’s journey toward a $1 trillion economy, aligning with President Tinubu’s broader financial sector strategy.
The Deputy Commissioner (Technical), Dr. Usman Jankara, reinforced this commitment by highlighting NAICOM’s focus on delivering value-driven, sustainable insurance products tailored to Nigerian needs.
The Management said beyond policy and enforcement, the meeting delved into emerging risks and technological advancements in the sector.
NAICOM disclosed plans to introduce cyber insurance guidelines, an essential response to Nigeria’s growing digital economy.
However, the Commission acknowledged persistent challenges, including insufficient actuarial capacity and the slow pace of industry-wide automation, which continues to hinder efficiency.
Financial inclusion also took center stage, with Mrs. Aisha Bashir detailing the Commission’s microinsurance initiatives to extend coverage to low-income earners and rural populations.
The World Bank delegation, led by Mr. Mehnaz, pledged to explore collaborative support in capacity building, automation, and capital market development.
The NAICOM reiterated that the meeting was a reflection of its evolving strategy that prioritizes policy reform, enforcement, innovation, and consumer protection.
It highlighted that as Nigeria’s insurance industry moves toward a future of increased compliance, digital transformation, and global alignment, the collaboration with the World Bank stands as a pivotal milestone in that journey.
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