NAICOM urges insurers to roll out cyber insurance products in Nigeria 

This was stated during the Insurers’ Committee Meeting held in Lagos on Wednesday.

Mrs. Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Management Sub-committee, emphasized compliance with Nigeria’s Data Protection Regulations.

Nwachukwu disclosed that insurance practitioners have been urged to undergo training on data protection measures.

“Given the global digital transformation, NAICOM sees the need to develop cyber insurance products. 

Operators should begin engagements to roll out cyber insurance products,” she added.

She also noted that NAICOM is collaborating with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission to advance this initiative.

The commission directed insurance companies to pay for all cases resolved by the regulator, as part of efforts to sanitize the industry and improve policyholder confidence.

This move aims to sanitize the insurance sector by reducing complaints from policyholders and promoting accountability among insurers

“The NAICOM Commissioner wants insurance companies to engage their brokers and customers to reduce outstanding claims,” she said.

NAICOM also addressed risks in Nigeria’s aviation industry, emphasizing the need for better security measures.

“NAICOM urges support for enforcing third-party motor insurance and seeks collaboration on its innovation lab,” she said.

“The NAICOM Commissioner spoke on solvency control, stressing that CEOs must educate boards on the required solvency levels for insurance companies,” she said.

She further stated that the current solvency framework will be reviewed, as it is based on existing capital requirements.

The National Insurance Commission (NAICOM) introduced new regulatory requirements for life insurance companies engaged in annuity business in Nigeria.

The circular, effective from February 1st, aims to ensure a stable and secure annuity business while fostering best practices in managing annuity portfolios within the Nigerian insurance sector.

The circular, effective from February 1st, aims to ensure a stable and secure annuity business while fostering best practices in managing annuity portfolios within the Nigerian insurance sector.