In a significant move to strengthen the insurance sector in Nigeria, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the Managing Director and CEO of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, at the NSITF Headquarters in Abuja on Wednesday, 28th August 2024.
The meeting focused on exploring potential areas of collaboration between NAICOM and the NSITF to deepen insurance penetration across Nigeria. Both leaders emphasized the importance of leveraging the synergies between conventional and social insurance to enhance the overall impact of insurance on the nation’s economy.
Key areas of discussion included data sharing and analytics to improve the accuracy and efficiency of insurance services, capacity building, and training initiatives to strengthen the capabilities of both institutions, and creating awareness and advocacy programs to educate the public on the importance of insurance.
A major outcome of the meeting was the agreement to establish a joint committee that will focus on driving collaboration between NAICOM and NSITF. This committee will work towards harnessing the contributions of the insurance sector to national output, fostering compliance with insurance requirements, and boosting the growth potential of the insurance industry in Nigeria.
Commenting on the visit, Mr. Olusegun Ayo Omosehin highlighted the significance of this partnership in promoting a more inclusive insurance environment. “Our collaboration with NSITF is a strategic step towards harnessing the full potential of both conventional and social insurance in Nigeria. By working together, we can create a robust insurance framework that supports economic growth and provides comprehensive protection for all Nigerians,” he stated.
Mr. Oluwaseun Faleye also expressed optimism about the future of the partnership, noting that the combined efforts of NAICOM and NSITF will lead to greater innovation and efficiency in the insurance sector. “This collaboration is a testament to our commitment to driving sustainable development through enhanced insurance coverage. We look forward to working closely with NAICOM to achieve our shared goals,” he said.
The joint committee is expected to commence work immediately, with a mandate to develop actionable strategies that will drive the growth and development of the insurance sector in Nigeria. This initiative marks a new chapter in the relationship between NAICOM and NSITF, aiming to foster a more integrated and impactful insurance ecosystem in the country.
