by NIyi Jacobs
On February 4, 2025, the National Insurance Commission (NAICOM) hosted a delegation from the World Bank, led by Mr. Mehnas S. Safavian, to explore collaboration opportunities aimed at advancing Nigeria’s insurance sector.
The discussions covered several key topics, including the upcoming Insurance Consolidated Bill, which is awaiting final approval, and efforts to change the public’s perception of insurance in Nigeria. The Commissioner highlighted the recent enforcement of compulsory insurance regulations with the Nigeria Police Force and ongoing initiatives to boost insurance penetration.
NAICOM also presented plans to develop cyber insurance guidelines and emphasized the need for increased actuarial capacity. Financial inclusion, particularly through microinsurance, was also a key focus, with NAICOM committed to addressing the needs of low-income and rural Nigerians.
Mr. Safavian pledged to consider NAICOM’s requests for assistance in capacity building, automation, and capital market development, marking a critical step toward fostering growth in Nigeria’s insurance industry.
