NAICOM partners Governors’ Forumto deepen insurance penetration
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The National Insurance Commission (NAICOM) has sought partnership with the Nigeria Governors’ Forum (NGF) to deepen insurance penetration across the country.
The Commissioner for Insurance/Chief Executive of the Commission, Mr. Olusegun Ayo Omosehin, made this known during a visit to the Director-General of the NGF, Dr. Abdulateef Shittu at the forum’s Secretariat in Abuja.
Omosehin said the commission was working on how the culture of insurance could be deepened by getting the country to comply with some of the compulsory Insurance as provided in our law.
He noted that at the Federal level, these are being driven by federal agencies but at the state level, the Commission needed some high level of cooperation.
He stated that the objective of the visit was to discuss how a coordinated approach could be adopted in working with the states and that the collaboration must start from engaging the NGF as a hub for the governors.
He said having been appointed recently, he and his team were trying to see how they could address some of the issues differently to achieve a better result.
Omosehin further stated the need for most of the laws on compulsory insurance to be domesticated by the states, citing Lagos State.
He said the fragmented approach in dealing with the states needed to be centralised and have all the states come on board, especially motor third insurance and prevent revenue loss for the states in terms of IGR. There was also the need for awareness across the states on the value of insurance.
The DG informed them that the NGF has transformed into a policy hub for the governors and serves as the technical and administrative arm of the Forum.
He expressed optimism that now that the Commission had reached out, he believed that the partnership could do a lot to deepen insurance penetration.
The NGF and NAICOM agreed that a paper should be submitted for review and since an assessment had been conducted, the ball should be kickstarted and a Committee set to deliver on the assignment.
