The National Insurance Commission (NAICOM) has partnered with the Nigeria Police Force (NPF) to ensure the enforcement of Third-Party Motor Insurance across the country, set to begin on February 1, 2025.
During a recent meeting at the force head office in Abuja, NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Inspector General of Police (IGP), Mr. Kayode Adeolu Egbetokun, formalised the partnership. The commissioner congratulated the IGP on recent milestones, including securing a license for the Police Insurance Company, and sought the force’s support in enforcing compulsory insurance policies, particularly third-party motor insurance.
Mr. Omosehin emphasised the importance of awareness campaigns to educate the public and police officers about the initiative, pledging NAICOM’s full support. The IGP, in turn, expressed alignment with the goals of the initiative, stressing that only 30 percent of vehicles in Nigeria currently carry valid insurance.
He highlighted the benefits of third-party insurance in safeguarding lives and property and warned motorists to comply with the law, as violations are punishable. The enforcement initiative aims to boost road safety and ensure more vehicles on Nigerian roads are insured.
In a separate engagement, Mr. Omosehin welcomed the Malaysian High Commissioner to Nigeria, Mr. Aiyub Omar, to NAICOM’s Abuja head office on January 9, 2025. Discussions centred on leveraging Malaysia’s expertise in Takaful Insurance to enhance Nigeria’s insurance sector.
Mr. Omosehin outlined NAICOM’s dual role in regulating insurance operations and fostering industry growth, noting that studying Malaysia’s rapid progress in Takaful Insurance could offer valuable insights. He highlighted the importance of strategic partnerships to accelerate Nigeria’s economic growth and achieve the government’s target of a $1 trillion economy.
The commissioner also highlighted the potential impact of a new insurance bill, recently passed by the Senate and awaiting House concurrence. The bill is expected to boost capital inflows into the insurance sector and unlock new investment opportunities.
The Malaysian High Commissioner expressed enthusiasm for collaboration, pointing out Malaysia’s expertise in Takaful Insurance and the potential for bilateral agreements to strengthen Nigeria’s insurance industry.
