The National Insurance Commission (NAICOM) and the Ministry of Interior have begun a strategic collaboration to develop a comprehensive travel insurance policy aimed at reducing the billions of naira spent annually on repatriation by the Nigerian government.
This followed a working visit by NAICOM officials to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja, according to a statement issued by the Commission. The meeting signalled a major step toward deepening insurance penetration and strengthening the country’s economic stability.
Led by the Commissioner for Insurance, Mr. Olusegun Omosehin, the NAICOM delegation discussed key policy developments and explored areas of cooperation that could drive national economic growth. One of the major outcomes of the meeting was the decision to set up a technical working group dedicated to designing and implementing travel insurance policies.
According to the statement, the meeting identified the high cost of repatriation—amounting to billions of naira annually—as a major strain on public funds. The proposed travel insurance plan would ensure that repatriation expenses are covered by insurance providers rather than taxpayers, especially for individuals entering Nigeria on short-stay visas.
The initiative is expected to ease fiscal pressure on the government and promote a more sustainable system for managing travel-related risks.
