Nigeria: NAICOM Collaborates with Federal Government to Develop Guidelines for Government Asset Insurance

Mr. Sunday Thomas, the Commissioner for Insurance and Chief Executive Officer (CEO) of the National Insurance Commission (NAICOM), has revealed that the insurance industry is working closely with the Federal Government to establish guidelines aimed at safeguarding government assets across Nigeria.

Thomas made this announcement during the 2023 retreat for journalists covering the insurance industry in Uyo, under the theme “Improving stakeholders’ perception; 2023 and beyond.”

He emphasized the seriousness of the endeavor, mentioning that he has already engaged with Sen. George Akume, the Secretary to the Government of the Federation, to formulate these essential guidelines for insuring government assets.

Highlighting the significance of this initiative, Thomas pointed out that former Lagos State Governor Bola Tinubu had laid the groundwork for fostering an insurance culture in the state during his tenure. This culture has been sustained by successive governors in Lagos, demonstrating its importance.

The commissioner further noted that President Bola Tinubu has a keen interest in the insurance industry and is committed to extending the successful model established in Lagos State to the federal level.

Thomas acknowledged the remarkable increase in premium payments made by the government over the years and the evolving relationship between the government and the insurance industry. These developments reflect the changing landscape of the industry and its growing significance in securing government assets.