NAICOM Partners with NOA, Youth Development Ministry to Deepen Insurance Penetration, Enforcement

The National Insurance Commission (NAICOM) has recently partnered with the National Orientation Agency (NOA) and the Federal Ministry of Youth Development to deepen insurance awareness and enforcement in the country.

To this end, the commissioner for Insurance/ chief executive officer (CEO) of NAICOM, Mr Olorundare Sunday, recently paid a courtesy visit to the director general of NOA, Mallam Lanre Issa-Onilu, to explore ways of collaboration so that Nigerians can get the right orientation about insurance products and services.

In his remark during the visit, the DG of NOA enjoined NAICOM to leverage its structure, reach, and platforms as well as understanding the locality where they have a presence while promising to work closely with NAICOM in this regard.

In addition, he gave a personal testimony when, in 2007, his private car was stolen, but thanks to insurance, the claim was promptly settled.

Similarly, the minister of State, Federal Ministry of Youth Development, Mr Ayodele Olawande paid a courtesy visit to the commissioner for Insurance, Mr Olorundare Sunday Thomas at the weekend, to discuss potential collaboration opportunities between his ministry and NAICOM in advancing youth development initiatives, particularly, in the areas of financial literacy, entrepreneurship, and career development.

The commissioner for Insurance, in his remark, welcomed the minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The visiting minister for State, Mr Ayodele Olawande, in his remark, applauded NAICOM’s management for the warm reception, while expressing his desire for the ministry to collaborate with NAICOM to engage the Nigerian youth formally and informally to develop their skills.

He noted that the ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of an insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise the youth on the benefits of insurances.