The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to collaborate to ensure proper insurance coverage for public-private partnership (PPP) projects in Nigeria. During a recent meeting in Abuja, the two agencies emphasized the importance of mitigating risks, protecting investments, and promoting economic growth through comprehensive insurance for infrastructure projects. A joint committee has been established to finalize modalities, with a compliance directive expected by January 2025.
This partnership is seen as a significant step forward in accelerating Nigeria’s infrastructure development. NAICOM, as the apex insurance regulator, plays a crucial role in advising the government on insurance policies, while the ICRC facilitates PPPs to fast-track infrastructure projects. Together, they aim to implement reliable and regulatory-compliant insurance frameworks that attract more investment and enhance economic stability.
In a related development, the Commissioner for Insurance also met with the Chartered Insurance Institute of Nigeria (CIIN) delegation to discuss professionalism and knowledge gaps within the insurance industry. CIIN reaffirmed its commitment to working with NAICOM to uphold high standards and enhance the industry’s image. Both agencies expressed mutual appreciation for their ongoing collaboration to advance Nigeria’s insurance sector.