The National Insurance Commission (NAICOM) has intensified its efforts to expand the adoption of compulsory insurance policies across Nigeria by engaging with state governments through a strategic partnership with the Nigeria Governors’ Forum (NGF). This initiative is a key part of NAICOM’s broader mandate to promote insurance culture nationwide and ensure compliance with compulsory insurance laws.
During a recent visit to the NGF Secretariat in Abuja, NAICOM’s Commissioner for Insurance and Chief Executive, Mr. Olusegun Ayo Omosehin, met with the NGF’s Director General, Dr. Abdulateef Shittu, to outline the Commission’s mission to strengthen federal and state-level collaboration on compulsory insurance. Omosehin emphasized the importance of this partnership, noting that while federal agencies have driven compliance at the national level, state-level cooperation is essential for comprehensive coverage.
“One of the mandates of the National Insurance Commission is to deepen the culture of insurance by ensuring nationwide compliance with the compulsory insurance provided by our laws,” Omosehin stated.
The visit marked a significant step toward establishing a coordinated approach to engaging state governments. Omosehin highlighted the need for a centralized strategy to ensure uniform compliance across all states, citing Lagos State’s successful domestication of compulsory insurance laws as a model. He also stressed the importance of raising awareness about the value of insurance in protecting assets and ensuring financial stability at the state level.
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In response, Dr. Shittu expressed optimism about the partnership’s potential impact, praising NAICOM’s initiative to engage with the NGF. He assured Omosehin of the Forum’s commitment to supporting efforts to deepen insurance penetration across the country, emphasizing the NGF Secretariat’s role as a policy hub and resource center for Nigeria’s 36 state governors.
As a result of the meeting, NAICOM and the NGF Secretariat agreed to develop a concept note outlining the next steps in their collaboration. A joint committee has been established to oversee the implementation of the agreed-upon strategies, signaling a strong commitment to making compulsory insurance a standard practice across all Nigerian states.
This development represents a significant milestone in NAICOM’s ongoing efforts to enhance insurance coverage and compliance nationwide. By securing the support and cooperation of state governments through the NGF, NAICOM is poised to make substantial progress in its mission to protect citizens and strengthen Nigeria’s insurance framework.
