NAICOM, Interior Ministry partner to curb repatriation costs

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) and the Ministry of Interior have agreed to strengthen collaboration aimed at promoting insurance penetration, cutting repatriation expenses, and improving data synchronization across government systems.

According to a statement from NAICOM, this follows a strategic working visit by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja on Thursday.

Mr. Omosehin commended the Minister’s “landmark achievements” at the Ministry and reaffirmed NAICOM’s role as the government’s adviser on insurance matters.

He also expressed the Commission’s readiness to partner with the Ministry to expand insurance inclusion and streamline data sharing.

In response, Dr. Tunji-Ojo lauded NAICOM’s efforts to restore public trust in the insurance sector, urging operators to improve service quality and create products that meet the realities of modern life.

“You cannot grow an economy without growing your insurance sector. The Ministry remains committed todriving innovative solutions that protect citizens while optimizing government resources,” the Minister said.

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One of the key outcomes of the meeting was a proposal to introduce travel insurance for individuals entering Nigeria on short-stay visas, which aims to reduce the federal government’s repatriation costs, which currently run into billions of naira annually.

Both institutions also agreed to establish a technical working group to develop a travel and repatriation insurance framework, enhance inter-agency data synchronization, and design a centralized material management system.

In addition, NAICOM emphasized its ongoing efforts to strengthen regulatory oversight and maintain financial stability in the insurance industry through a solvency control and intervention framework.

The meeting also featured discussions on using the National Identity Management Commission’s (NIMC) platform to create a unified verification system for insurance data, a move expected to curb fraud and improve operational efficiency across the sector.