The National Insurance Commission (NAICOM) and insurance companies have been urged to intensify efforts to improve public education and perception of vehicle insurance.
Dr. Sam Onyeka, an insurance expert, emphasized the importance of continuous sensitization on vehicle insurance, particularly third-party motor insurance.
He believes that such initiatives would better inform the public about the relevance of the policy.
Onyeka, the Lead Director of Transparent Protection Limited (TPL)/GTE, an insurance non-governmental organization (NGO), stated that improving public understanding could enhance insurance penetration and subscription rates. He added that while insurance sensitization is a collective responsibility, NAICOM and insurance companies have pivotal roles to play.
He also called on public-spirited individuals to join hands with NAICOM and insurance companies in their sensitization efforts.
“Yes, insurance sensitization is everybody’s responsibility. NAICOM and the insurance industry should also join me and public-spirited individuals to do it. Like I said, I am not NAICOM, I am not an insurance company, but I have been doing insurance programs over the years. So anyone who is interested can be involved, but essentially it is between NAICOM and insurance companies,” Onyeka stated.
Insurance education campaign
NAICOM, in collaboration with the United Nations Development Programme (UNDP) and the Nigerian Insurers Association (NIA), has launched an insurance education campaign in markets.
The initiative, titled “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” aims to educate traders and the public on the importance of insurance.
The campaign seeks to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion.
NAICOM stated that traders were educated on various types of insurance, including fire and special perils insurance, goods in transit insurance, accident insurance, and life insurance.
What you should know
- Last week, NAICOM and the Federal Road Safety Corps (FRSC) formed a partnership to ensure compliance with mandatory third-party vehicle insurance in Nigeria.
- This collaboration aims to enhance road safety and protect motorists and third parties by enforcing existing insurance regulations.
- At a joint press conference held in Abuja, Olusegun Omosehin highlighted the extensive discussions on enhancing road safety measures and enforcing compliance with compulsory third-party motor insurance policies.
He emphasized that the partnership underscores their commitment to ensuring safer roads through regulatory oversight and enforcement capabilities.
The Nigeria Police commenced the nationwide enforcement of the third-party motor insurance policy on February 1, 2025, under the directive of Inspector General of Police, Kayode Egbetokun.
