The National Insurance Commission (NAICOM) has signed a series of agreements with the Ministry of Interior to introduce new measures addressing travel insurance and related national liabilities. The pact was formalised during a courtesy visit by the Commissioner for Insurance, Olusegun Ayo Omosehin, to Interior Minister Dr. Olubunmi Tunji-Ojo in Abuja.
The collaboration is expected to reduce the financial burden on taxpayers while improving Nigeria’s overall economic stability. A key focus of the agreement is the implementation of travel insurance to cover repatriation expenses, especially for individuals entering Nigeria on short-stay visas.
Both agencies highlighted that billions of naira are spent annually on repatriation costs, prompting the need for a more strategic and sustainable approach. By transferring part of these liabilities to insurance companies, the government aims to establish cost-effective mechanisms for managing national risks while stimulating growth in the insurance sector.
The meeting also resulted in the creation of a technical working group responsible for assessing the viability of a comprehensive travel and repatriation insurance policy, developing a centralised material management system, and improving inter-agency data synchronisation.
Commissioner Omosehin said the working group will drive the rollout and ensure smooth implementation of the new initiatives. NAICOM reiterated its commitment to enforcing strong oversight of insurance operators through advanced solvency control systems designed to safeguard financial stability and protect policyholders.
Another major proposal from the meeting was the enhancement of national data verification systems, with the National Identity Management Commission (NIMC) expected to play a central role in establishing a robust single-source identification platform. Officials noted that this development would help curb fraud and improve operational efficiency across the insurance industry.
