NAICOM, Nigeria Governor’s Forum Partner To Deepen Insurance Penetration in Nigeria

By Angel- Linda Ike

The National Insurance Commission, NAICOM is seeking the Nigeria Governor’s Forum, NGF collaboration to Deepen insurance penetration in the country.

This was disclosed when the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin visited the Director General of the Nigeria Governors’ Foru, Abdulateef Shittu at the NGF Secretariat in Abuja, on Friday.

He explained that the Commission’s visit to the Nigeria Governor’s Forum’s secretariat is to discuss how a coordinated approach can be adopted in working with the states, saying that the collaboration must start from engaging the NGF Secretariat as policy hub for the state Governors.

Omosehin said the commission is trying to see how it can address some of the issues differently from the way it has been handled in the past in order to achieve a better result.

He mentioned that the Commission chose to start with the NGF, where NAICOM could have an engagement with the secretariat and share ideas.

He further stated the need for most of the Laws on compulsory insurances to be domesticated by the states sighting Lagos State as an example.

According to him, the fragmented approach in dealing with the states needs to be centralized and have all the states come on board especially with respect to motor third insurance and also to prevent revenue loss for the states in terms of IGR.

He also stressed the need for awareness creation across the states on the value of insurance.

The Director General, Abdulateef Shittu thanked the Commissioner for Insurance and expressed optimism that the partnership would bring a lot of positivity on Deepening Insurance Penetration as the commission has reached out to the Governor’s .

The NGF Secretariat and NAICOM agreed that a concept note should be submitted for their review, stating that since a delivery room assessment has already been conducted, the work should commence immediately and a joint Committee was set to deliver on the assignment at hand.