The National Insurance Commission (NAICOM) has stressed the need for the World Bank to exploit opportunities in the country’s insurance industry.

The commission informed the bank of its new strategies with the hope the bank would key into opportunities created in the sector.

The commission said this during a meeting with a delegation of the World Bank led by Mehnas S. Safavian, to explore opportunities for collaboration and growth.

During the meeting, the Commissioner for Insurance, Olusegun Omosehin, reflected on NAICOM’s regulatory and developmental mandates and spotlighted the huge potential for growth in the insurance sector.

Omosehin explained the significance of the New Insurance Consolidated Bill, which has been passed by the Senate and awaiting concurrence from the House of Representatives.
He expressed optimism that the bill would receive presidential assent once passed by both chambers.

The commissioner accepted the challenge of changing the public perception of insurance in Nigeria, citing past experiences of non-claim payment.

He introduced the commission’s new mantra, “find a reason to settle claims,” which has led to increased compliance from industry operators.

On industry penetration and enforcement, the commissioner also spoke on the collaboration with the Nigeria Police Force and other relevant agencies on compulsory insurance enforcement.

The commissioner explained NAICOM’s commitment to supporting President Bola Tinubu’s $1 trillion economy target.