NAICOM partners NPF to strengthen compulsory insurance

Mariam Abeeb

The National Insurance Commission(NAICOM) and the Nigerian Police have partnered on enforcement of, especially, compulsory insurances in the country.
To this end, the commissioner for Insurance/CEO of NAICOM, Olusegun Ayo Omosehin, paid a courtesy visit to the Inspector General of Police(IGP), Kayode Adeolu Egbetokun in Abuja.
The purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly, in the area of compulsory insurance enforcement.
During the visit, the commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap, emphasising that, it is unlawful for individuals to drive on the road without valid motor insurance (3rd party). He noted that less than a quarter of the vehicles have valid motor insurance, stating that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated by law.

The CFI also highlighted that in 2023, the ECOWAS Brown card has been captured in the upgraded premium for 3rd party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region. Additionally, he noted that the benefits attached to the 3rd party insurance had been increased to N3 million.
To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance, urging that this system is already being implemented by the Lagos State government.
The CFI requested the establishment of a team to collaborate the commission in conducting enforcement actions, asserting that the success of this initiative would be a significant achievement for Nigeria.