By Sola Alabadan
Representatives of the Organised Private Sector of Nigeria (OPSN) have tasked the National Insurance Commission (NAICOM) to give due consideration to maritime sector products to mitigate container and cargo-related losses and to provide faster compensation for affected parties.
The members of OPSN also called for petroleum sector products to provide public liability/commission liability cover for retail distribution and transit risks, noting tight retail margins and the need to consider pricing templates.
This call was made by members of the OPSN visited NAICOM on Monday in Abuja, accompanied by delegates from relevant federal ministries to discuss coordinated implementation of provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the deployment of sector specific insurance products for the maritime and petroleum sectors.
Dr. Alban Igwe, leader of the delegation and Chairman of the OPS Insurance-Tech Committee, stated that the engagement follows months of stakeholder consultations across the maritime and petroleum sectors, including freight forwarders, transport associations, retailers, and underwriters.
He said they are at NAICOM for regulatory discussions on implementation provisions of the Law and operationalisation of insurance products to address longstanding gaps in compensation and risk transfer in these sectors.
Dr. Igwe said the initiative is a multi stakeholder, private sector led effort mandated by two federal ministries (Ministries of Petroleum and Blue Economy) to coordinate stakeholders and propose implementation of insurance provision under the NIIRA 2025.
OPSN identified umbrella organisations participating in the effort, including the Nigerian Chamber of Commerce, Manufacturers Association of Nigeria, National Association of Small Scale Industries and trade associations in the transport and petroleum distribution sectors.
The Commissioner for Insurance welcomed the initiative, stating that NAICOM is committed to collaborating with stakeholders to implement NIIRA 2025.
He emphasised that the commission is responsible for issuing frameworks, guidelines, and premium determinations for compulsory insurance products under NIIRA 2025, and that technical proposals must align with the regulator’s remit.
The Commissioner stressed that consumer protection is paramount, and proposals must be justified and assessed for fairness.
The meeting further agreed that a technical working group should be established to review the proposal and develop implementation modalities.
