NAICOM, Interior Ministry Collaborate To Ease Travel Insurance Challenges

The National Insurance Commission (NAICOM) has partnered with the Ministry of Interior to address bottlenecks in travel insurance and related matters in Nigeria. The agreement, signed during a courtesy visit by NAICOM’s Commissioner for Insurance, Olusegun Ayo Omosehin, to Interior Minister Dr. Olubunmi Tunji-Ojo in Abuja, aims to reduce the financial burden on taxpayers while enhancing economic stability.

A key focus of the partnership is mitigating repatriation costs, particularly for individuals entering Nigeria on short-stay visas. Government agencies noted that billions of naira are spent annually on repatriation, and agreed that travel insurance could transfer some of these costs to insurance companies, creating a more efficient and cost-effective system.

Both parties also agreed to establish a technical working group to explore a comprehensive travel and repatriation insurance policy. The group will develop a centralised material management system, facilitate inter-agency data synchronisation, and oversee implementation to ensure a successful rollout.

NAICOM reaffirmed its commitment to monitoring insurance operators through a robust solvency control and intervention framework to safeguard financial stability and protect consumer interests. The initiative also includes enhancing data verification processes, with the National Identity Management Commission (NIMC) providing a single-source verification system to reduce fraud and improve efficiency in the insurance sector.

This collaboration marks a significant step toward streamlining travel insurance in Nigeria, easing costs for citizens, and strengthening regulatory oversight in the sector.