The National Insurance Commission (NAICOM) has stepped up its partnership with the Federal Ministry of Interior in a renewed push to deepen insurance penetration and enhance the sector’s contribution to the economy.

The Commissioner for Insurance, Olusegun Omosehin, led an NAICOM delegation on a strategic working visit to the Minister of Interior, Dr Olubunmi Tunji-Ojo, in Abuja.

Both parties discussed key initiatives aimed at deepening insurance penetration and enhancing data integration across government institutions.

Omosehin commended the minister for his achievements in the ministry and reiterated the commission’s commitment to its advisory role to the government on insurance matters.

He stressed the commission’s readiness to collaborate with the ministry to drive innovation, promote compulsory insurance adoption and improve data synchronisation across agencies.

Responding, Tunji-Ojo lauded NAICOM’s renewed efforts to restore public confidence in the insurance sector, stressing the need for insurers to improve service quality and develop solutions that reflect modern realities.

“You cannot grow an economy without growing your insurance sector,” the minister said, reaffirming the ministry’s commitment to innovative policies that safeguard citizens while ensuring prudent use of government resources.
Among the major outcomes of the meeting was a proposal to mitigate the high cost of repatriation, currently running into billions of naira yearly.

Both agencies agreed to explore the adoption of travel insurance coverage for individuals entering Nigeria on short-stay visas, a move expected to reduce government expenditure and enhance fiscal efficiency.