NAICOM eyes insurance share in $296bn blue economy

Insurance industry regulator, the National Insurance Commission (NAICOM) is exploring opportunities to unlock insurance growth in the country’s estimated $296 billion Blue Economy.

NAICOM says collaboration between the Commission and the Ministry of Marine and Blue Economy was necessary to open up the sector more for deeper insurance penetration.

Some of the areas for collaboration NAICOM hinted are through creating a portal for verification of marine insurance policies and exploring options in the cabotage act to ensure compliance with insurance requirements.

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Olusegun Ayo Omosehin, commissioner for Insurance who led the executive management of NAICOM on a working visit to the Adegboyega Oyetola, minister of Marine & Blue Economy in his Office in Abuja said some of the areas for collaboration are through creating a portal for verification of marine insurance policies and exploring options in the Cabotage Act to ensure compliance with insurance requirements.

The Africa Blue Economy Alliance, using data from the Nigerian Maritime Administration and Safety Agency projects the value of Nigeria’s untapped blue economy potential at a stunning $296bn Adegboyega Oyetola at a stakeholder’s consultative workshop to define priority issues for development of National Blue Economy Strategy for Nigeria recently hinted that considering the huge potential of the national marine resources, the institutionalisation of the expanded partnership committee on sustainable blue economy in Nigeria was approved with the view to develop a strategic plan for the national blue economy.

He posited that the blue economy presents significant challenges and promising opportunities for sustainable development.

NAICOM also had recently signed a Memorandum of Understanding (MOU) the Ministry of Youth Development to train one million youths in the country in conjunction with the Chartered Insurance Institute of Nigeria.

The program tagged “One Million Youths in Insurance” according to Segun Omosehin is in line with Federal Government Project to create more jobs and empower the youths.

The program is aimed to sensitising Nigerian Youths, with knowledge and best practices to be able to participate in insurance, boost youth entrepreneurship by offering financial protection and peace of mind, create employment across the 774 Local Government Areas in Nigeria.

It is also aimed at providing another channel of opportunities for youths, promote insurance awareness on social media and other platforms, boost the insurance industry in Nigeria with impact across other sectors and accelerating Nigeria’s financial inclusion mandate.

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Ayodele Olawande, minister of Youth Development said the future of Nigeria rests on the shoulder of the youths who make up over 60 percent of our population and Insurance, which is critical to the economy of any growing Nation like Nigeria, has been underutilized.

He said through this partnership with NAICOM, Nigerian youths will be sensitized to know the importance of insurance, foster entrepreneurship, and create employment opportunities across the country.