The National Insurance Commission and the Ministry of Interior have initiated a strategic partnership aimed at developing a travel insurance policy to mitigate the significant financial burden of repatriation, an expense currently estimated to cost Nigerian taxpayers billions of naira annually.
This was discussed during a working visit by the National Insurance Commission to the Minister of Interior, Olubunmi Tunji-Ojo, in Abuja, according to a statement from NAICOM. The PUNCH reports the commitment, signalling a major move to deepen insurance penetration and enhance the country’s economic stability.
The visit, led by the Commissioner for Insurance, Olusegun Omosehin, aimed to discuss critical developments and explore collaborative opportunities for national economic growth, including travel insurance.
The statement indicated that one of the key action points resulting from the meeting was to “establish a technical working group for developing travel insurance policies.”
The meeting identified significant taxpayer expenses related to repatriation, estimated at billions of naira annually, and proposed a strategic solution: implementing travel insurance to cover repatriation expenses, particularly for individuals entering Nigeria on short-stay visas.
This initiative is expected to alleviate the financial burden on taxpayers and enhance the country’s economic stability.
