The National Insurance Commission (NAICOM), and the world Bank have deliberated on key challenges confronting the insurance sector.
According to NAICOM, the challenges are: Poor perception of Insurance, poor insurance penetration and lack of effective enforcement.
The Commissioner for Insurance, Ayo Omosehin, stated this when a team of World Bank delegation paid him courtesy visit in his office in Abuja.
Omosehin, acknowledged the challenge of changing public perception of insurance in Nigeria, citing past experiences of non-claim payment as a major factor.
He introduced the Commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry players.
He also discussed the recent collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement, which began February 1, 2025.
He also highlighted NAICOM’s efforts to educate the public on the benefits of third-party insurance through various media channels.
