NAICOM seeks FCT collaboration on compulsory insurance

The National Insurance Commission (NAICOM) has appealed to the Minister of the Federal Capital Territory (FCT) Mallam Mohammed Bello for its support in driving enforcement of compulsory insurance in the FCT, that will lead to NAICOM renewed awareness campaigns and sensitization.

Speaking during a courtesy visit of Board and Management of NAICOM to the FCT Minister, Chairman, NAICOM Governing Board, Mr Emmanuel Nwosu commended the FCT Minister for great stride in driving the economic and infrastructural development of the FCT and introduction of digital technologies across key sector of the metropolis, also informed the Minister on the Insurance awareness fitness walk coming up in May 2020.

According to him “the development of the insurance sector in Nigeria hinges on the increased economic activities, improved level of awareness and the acceptability of insurance as a safety net for citizens, businesses and indeed public institutions. As we develop the sector, NAICOM’s partnership with the FCT and indeed the Hon. Minister will be critical in the following ways:

“The growth in economic activities, infrastructural development and increased population of Abuja means NAICOM will continue to partner with key players under the Ministry of FCT to provide cover for their businesses and persons; Abuja is the home of most Federal Government institutions and buildings and NAICOM will ensure their adequate protection.

“NAICOM will continue to encourage more and more players within the insurance sector to open up offices and centers in Abuja thereby facilitating skill transfer and development. This will further boost financial inclusion, faster digitalization and competitiveness of the FCT.”

He further reassured the minister that the commission will commit to implementing as many strategies as exist and practicable to drive financial inclusion and insurance penetration in Abuja and indeed, Nigeria.

FCT Minister Mallam Mohammed Bello stated that he was delighted to receive NAICOM officials and assured the Commission of his full support towards enforcement of compulsory insurances in the FCT as he has very close relationship with the industry.

The Minister, however requested NAICOM to provide him with details of agencies under his ministry complying with the requirements of compulsory insurances. It was also agreed that a joint enforcement committee would be setup comprising relevant departments of the ministry, NAICOM and other relevant security agencies.

The Commissioner for Insurance Mr. Sunday Thomas said NAICOM was elated with the support and assurances from the Minister and promised to provide the information requested as quickly as possible.

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