NAICOM, Transport Ministry partner on Insurance for transport owners, users

The National Insurance Commission (NAICOM) and the Federal Ministry of Transportation have agreed on a partnership that would ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.

The Ministry and NAICOM have therefore agreed to establish immediately a joint committee to look into different areas of interests to ensure mutually beneficial relationship.

This underscores the high point of the meeting between both parties at the NAICOM headquarters in Abuja.

The Minister of State, Transportation, Sen. Gbemisola Ruqayyah Saraki led the delegation from the Ministry to NAICOM and was received by the Commissioner for Insurance (CFI) Mr. Olorundare Sunday Thomas and members of his management team.

While speaking, the Minister informed the meeting that the Federal Ministry of Transportation has embarked upon a transformation programme of the road sector that will have tremendous impact on the lives and well being of the Nigerians.

Saraki noted that insurance is a critical aspect of Transportation hence the need to collaborate with NAICOM to ensure a success of the programme.

The Commissioner for Insurance assured the Minister of NAICOM’s readiness to collaborate with the Ministry to ensure adequate insurance coverage in the sector.

The CFI also informed the Minister that the Commission is enshrining order in the insurance sector particularly, in the vexed issue of fake insurances in road transportation, adding that the NAICOM has now developed technology for verification of insurance policies.