NAICOM Strengthens Ties with Marine &Blue Economy Ministry
The National Insurance Commission (NAICOM) is forging ahead with its collaborative efforts, this time with the Ministry of Marine and Blue Economy. Led by Commissioner for Insurance Olusegun Ayo Omosehin, the NAICOM team paid a working visit to Minister Adegboyega Oyetola in Abuja on October 3, 2024.
The meeting centered on potential areas of collaboration, particularly in creating a portal for verifying marine insurance policies and ensuring compliance with insurance requirements under the cabotage act ¹. This move is expected to boost the insurance sector’s contribution to the economy.
Under Omosehin’s leadership, NAICOM has been actively engaging with various stakeholders to deepen the insurance industry’s impact. Recently, the commission welcomed the management team of the Nigerian Financial Intelligence Unit (NFIU) to discuss robust financial regulations and system integrity.
Omosehin, appointed by President Bola Tinubu in April 2024, brings over three decades of experience to the helm of NAICOM. His vision for the commission includes enhancing the insurance sector’s growth and penetration.
Other recent NAICOM activities include:
– Courtesy Visit to Aviation Minister: Omosehin met with Minister Festus Keyamo to discuss the development of the insurance industry in aviation.
– New Board Appointment: President Tinubu approved the appointment of Halima Kyari as Chairperson, alongside Omosehin, Olawoye Gam-Ikon, and Usman Jankara .
– Insurance Sector Growth: NAICOM aims to increase the sector’s premium size beyond N1.003 trillion and improve market penetration beyond 0.4% .
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