NAICOM, ministry to enforce marine insurance compliance

The National Insurance Commission (NAICOM), in collaboration with the Ministry of Marine and Blue Economy, has concluded plans to enforce and regulate marine insurance policies in the maritime sector of the economy.

The move was consummated at a meeting when the management of the commission, led by the commissioner for Insurance, Olusegun Omosehin, paid a courtesy visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja, at the weekend.

The meeting focused on exploring areas of alliance between the two government agencies and aimed at strengthening the enforcement and regulation of marine insurance policies across the country.

A key aspect of the partnership is the proposal to create a portal for the verification of marine insurance policies. The move would ensure marine operators comply with the necessary insurance requirements, thus improving transparency and reducing the incidence of fraudulent policies in the maritime sector.

Also, the meeting also addressed the possibility of leveraging provisions in the Cabotage Act to enforce strict adherence to insurance regulations within Nigeria’s domestic shipping industry.

Speaking on the collaboration, Omosehin, said the partnership is expected to enhance insurance compliance in the maritime sector, boost the nation’s marine insurance portfolio, and contribute to the overall safety and security of marine operations in Nigerian waters.

Also, Oyetola, expressed optimism about the potential benefits of the proposed initiatives and reiterated his commitment to working together to achieve a robust and regulated maritime insurance framework.

Meanwhile, the commission at the weekend in alliance with the Ministry of Youth Development signed a memorandum of understanding (MoU) to train one million youths in the country.

“Youths would be empowered with knowledge and best practices to be able to participate in Insurance and boost youth entrepreneurship by offering financial protection and peace of mind, across the 774 local government areas,” he said. Omosehin said through this channel, the insurance industry would impact other sectors and accelerate Nigeria’s financial inclusion drive.