NAICOM To Cut Repatriation Costs With Travel Insurance

The National Insurance Commission has entered into a partnership with the Ministry of Interior to develop a travel insurance framework aimed at reducing the heavy financial burden associated with repatriation costs, which currently run into billions of naira annually for Nigerian taxpayers.

The initiative was discussed during a working visit by NAICOM officials to the Minister of Interior, Dr Olubunmi Tunji-Ojo, in Abuja, according to a statement issued by the Commission.

THE WHISTLER reports that the engagement is a major step towards increasing insurance acceptance and bolstering Nigeria’s economic resilience.

The delegation, led by the Commissioner for Insurance, Mr Olusegun Omosehin, reviewed emerging developments in the insurance space and explored collaborative opportunities with the ministry, including the creation of a comprehensive travel insurance cover.

According to NAICOM’s statement, one of the major outcomes of the meeting was the decision to “establish a technical working group for developing travel insurance policies”.

The parties identified the substantial public expenditure tied to repatriation—estimated at billions of naira—and proposed a structured insurance solution to cover such costs, particularly for visitors entering the country on short-stay visas.

The Commission noted that the initiative is expected to relieve pressure on taxpayers and strengthen the nation’s economic stability.

NAICOM reaffirmed its commitment to expanding insurance education and penetration nationwide, emphasising its statutory role as an adviser to the government on insurance-related matters.

Discussions also stressed the necessity for the government to transfer certain liabilities to insurance companies as a more efficient and cost-effective method of managing national risks. This invention is likely to drive growth in the insurance ecosystem.

The meeting proposed a strengthened data verification model, with the National Identity Management Commission positioned to support the creation of a unified verification system for the insurance industry. The system is expected to curb fraud and improve operational efficiency.

A multi-agency technical working group will also be set up to assess the feasibility of a broad travel and repatriation insurance policy, develop a centralised material management system, and support inter-agency data harmonisation to ensure smooth implementation.

“Regulatory oversight: NAICOM reaffirmed its commitment to monitoring insurance operators through a sophisticated solvency control and intervention framework, ensuring financial stability and protecting consumer interests,” part of the statement read.

Both sides agreed on the development of an integrated data verification architecture and a centralised material management system to support their collaborative agenda.

During the visit, the Commissioner for Insurance praised the Minister’s performance at the Interior Ministry and restated NAICOM’s readiness to support the government, particularly in advancing insurance penetration and enhancing data-exchange systems.

In his response, the minister commended the commission’s efforts in rebuilding public confidence in the insurance sector and urged industry players to improve service delivery and craft modern, lifestyle-driven solutions.

Tunji-Ojo highlighted the sector’s essential role in national development, stressing that “you cannot grow an economy without growing your insurance sector.”

He added that the Ministry of Interior remains committed to driving innovative solutions that safeguard Nigerians while optimising government resources.