The National Insurance Commission (NAICOM) and the Ministry of Interior have begun work on a landmark initiative aimed at reducing the billions of naira spent annually on repatriation by introducing a mandatory travel-insurance policy for short-term visitors entering Nigeria.
The plan emerged during a working visit by the Commissioner for Insurance, Mr. Olusegun Omosehin, to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja. NAICOM described the meeting as a step toward strengthening insurance penetration, improving inter-agency collaboration, and easing the financial pressure on government resources.
According to the Commission, one of the major outcomes of the engagement is the decision to establish a technical working group to design a comprehensive travel and repatriation insurance framework. The policy, once implemented, is expected to shift the burden of repatriation from taxpayers to insurance providers, ensuring that the government no longer bears the full cost of returning non-citizens who overstay or encounter emergencies.
NAICOM noted that repatriation currently drains public funds running into billions of naira each year.
Key Areas of Collaboration
1. Enhanced sector coordination and advisory support
NAICOM reaffirmed its statutory role as an adviser to the government on insurance matters and pledged to intensify public education to improve insurance uptake across the country.
2. Innovation and risk transfer
The meeting underscored the need for government ministries and agencies to transfer more liabilities to insurance companies, a move expected to reduce national financial exposure and stimulate sector growth.
3. Strengthening data verification
Both parties agreed on the importance of improving identity and data validation systems. The National Identity Management Commission will play a central role in developing a unified verification platform to reduce fraud and streamline insurance operations.
4. Establishment of a technical working group
This team will design the proposed travel/repatriation insurance system, develop a centralised material-management framework, and coordinate inter-agency data-exchange protocols needed for seamless implementation.
5. Regulatory oversight
NAICOM reiterated its commitment to maintaining strict solvency controls and monitoring operators through its intervention framework to protect policyholders and uphold market stability.
Leadership Remarks
Mr. Omosehin praised the Minister’s reforms in the Interior Ministry and restated NAICOM’s readiness to partner on initiatives that deepen insurance penetration and modernise data-synchronisation systems across government institutions.
In response, Dr. Tunji-Ojo commended NAICOM for rebuilding confidence in the insurance industry, urging the sector to continue improving service delivery and innovating to meet the realities of modern life.
“You cannot grow an economy without growing your insurance sector,” the Minister said, reiterating the Ministry’s commitment to solutions that protect citizens while optimising government resources.
