NAICOM World bank 2025 – The Nationwide Insurance coverage Fee (NAICOM) has initiated discussions with the World Financial institution to discover alternatives for collaboration aimed toward addressing key challenges and driving progress in Nigeria’s insurance coverage sector.
Throughout a courtesy go to by the World Financial institution delegation, the Commissioner for Insurance coverage, Olusegun Ayo Omosehin, recognized the inadequate actuarial capability inside the Nigerian insurance coverage business as a serious constraint.
He famous that whereas NAICOM has commenced its automation course of, a number of challenges stay in attaining full automation throughout its regulatory features.
Omosehin identified the importance of the New Insurance coverage Consolidated Invoice to the World Financial institution group which he mentioned has already been handed by the Nigerian Senate and is presently awaiting concurrence from the Federal Home of Representatives.
He expressed confidence that when each chambers approve the invoice, it should obtain presidential assent, marking a major step ahead for the business’s regulatory framework.
Addressing public skepticism in the direction of insurance coverage, the Commissioner acknowledged previous considerations over non-payment of claims. To revive confidence, NAICOM has adopted a brand new operational mantra, “discover a cause to settle claims,” which has reportedly led to elevated compliance from business gamers in declare settlements.
Omosehin additionally famous the Fee’s ongoing collaboration with the Nigeria Police Power and different related businesses to implement obligatory insurance coverage, an initiative that commenced on February 1, 2025. He acknowledged that NAICOM has intensified public training efforts on the advantages of third-party insurance coverage via numerous media platforms to boost consciousness and compliance.
The Commissioner pledged NAICOM’s dedication to supporting President Bola Tinubu’s imaginative and prescient of attaining a $1 trillion economic system.
Including to this, NAICOM’s Deputy Commissioner for Technical Operations, Dr. Usman Jankara, outlined the Fee’s give attention to working inside a value-driven framework that aligns with the wants and aspirations of Nigerians. He additional disclosed plans to develop cyber insurance coverage pointers and interact business stakeholders on implementation.
Mrs. Aisha Bashir, a senior official at NAICOM, spoke on the significance of microinsurance regulation, underscoring the Fee’s efforts to broaden insurance coverage entry to low-income earners and rural communities.
Main the World Financial institution delegation, Mr. Mehnas S. Safavian assured NAICOM that the financial institution would think about the Fee’s requests for technical help, notably in areas resembling capability constructing, automation, and capital market improvement.