The National Insurance Commission and the Ministry of Interior have begun working on a travel insurance framework designed to reduce the heavy financial burden of repatriation, a cost that drains billions of naira from Nigeria’s public funds every year.
This formed part of discussions during a working visit by the National Insurance Commission to the Minister of Interior, according to a statement released by NAICOM. The engagement signalled a coordinated effort to deepen insurance penetration and strengthen Nigeria’s economic stability.
Led by the Commissioner for Insurance, the NAICOM delegation met with the Minister to explore how both institutions could collaborate to design a travel insurance policy that would cover repatriation expenses, particularly for individuals entering Nigeria on short-stay visas. Authorities believe this approach will ease the pressure on taxpayers and create a more sustainable financial model for handling repatriation cases.
NAICOM emphasised the need for stronger collaboration among government agencies, highlighting its advisory role on insurance matters and reaffirming its commitment to expanding insurance awareness and uptake across the country. The conversation also underscored the importance of encouraging the government to shift certain liabilities to insurance companies in order to manage national risks more efficiently and reduce the financial exposure of public institutions.
Another major point raised during the meeting was the need to strengthen data verification processes. Officials discussed plans to integrate the National Identity Management Commission into a unified verification system that would serve the insurance industry, reduce fraud, and improve operational efficiency across the sector. A technical working group will be constituted to develop the proposed travel and repatriation insurance structure, design a centralised material management system, and improve inter-agency data synchronisation.
NAICOM also restated its commitment to regulatory oversight through a more sophisticated solvency control and intervention framework intended to safeguard the insurance industry and protect consumers. Both parties agreed on the importance of building an integrated data-verification system that will make the sector more transparent and reliable.
During the visit, the Commissioner for Insurance commended the Interior Minister for his recent achievements and reiterated NAICOM’s readiness to support the Ministry in deepening insurance penetration and improving data-exchange infrastructure. The Minister, in response, praised NAICOM for restoring public trust in the industry and encouraged operators to improve service quality while developing innovative solutions that meet modern needs.
Tunji-Ojo noted that the insurance sector remains central to national development, stressing that no economy can grow without a strong and responsive insurance industry. He reaffirmed the Ministry’s commitment to pursuing solutions that protect citizens and ensure the optimal use of government resources.
For MSMEs, especially those involved in travel services, logistics, and cross-border trade, this development signals potential new standards in travel compliance and opportunities for specialised insurance products that could better support mobility, risk management, and international business operations across Africa.
