NAICOM Secures NOA, Youth Devt Ministry Partnership To Deepen Insurance Awareness

The National Insurance Commission (NAICOM) has secured the partnership of the National Orientation Agency(NOA) and the federal ministry of Youth Development to deepen insurance awareness and enforcement in the country.

To this end, the commissioner for Insurance/ chief executive officer(CEO) of NAICOM, Mr. Olorundare Sunday recently paid a courtesy visit on the director general of NOA, Mallam Lanre Issa-Onilu, to explore ways of collaboration so that Nigerians get the right orientation about insurance products and services.

In his remark during the visit, the DG, NOA enjoined NAICOM to leverage on its structure, reach, platforms as well as understanding of the locality where they have presence while promising to work closely with NAICOM in this regard.

In addition, he gave a personal testimony when, in 2007, his private car was stolen, but thanks to insurance, the claim was promptly settled.

Similarly, minister of State, Federal Ministry of Youth Development, Mr. Ayodele Olawande paid a courtesy visit to the commissioner for Insurance, Mr. Olorundare Sunday Thomas at the weekend, to discuss potential collaboration opportunities between his ministry and NAICOM in advancing youth development initiatives, particularly, in the areas of financial literacy, entrepreneurship, and career development.

The commissioner for Insurance, in his remark, welcomed the minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The visiting minister for State, Mr. Ayodele Olawande, in his remark, applauded NAICOM’s management for the warm reception, while expressing his desire for the ministry to collaborate with NAICOM so as to engage the Nigerian youth formally and informally to develop their skills.

He noted that the ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, helps in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.