NAICOM urges Insurance Companies on Local Cyber Insurance Products

National Insurance Commission (NAICOM) has urged local insurance companies to prioritise the development and rollout of cyber insurance products to address growing digital risks.

The call was made by Ebelechukwu Nwachukwu, head of NAICOM’s publicity sub-committee, during a recent NAICOM meeting held in Lagos.

Nwachukwu highlighted the urgency of the initiative, citing the global shift toward digitalisation and the increasing prevalence of cyber threats.

“In light of the ongoing digital transformation, NAICOM recognises the critical need for cyber insurance products. We urge operators to begin engagements to roll out these products promptly,” Nwachukwu said.

She also revealed that NAICOM is collaborating with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission, (NDPC) to drive the initiative forward.

She harped on the need for insurers to comply with Nigeria’s Data Protection Regulations and urged insurance practitioners to undergo specialised training on data protection measures.

Aside the cyber insurance, NAICOM addressed other pressing issues within the industry, such as the need for insurers to settle resolved claims promptly, aiming to enhance policyholder confidence and reduce complaints.

NAICOM also called for industry-wide support for its innovation lab, which aims to drive technological advancements and improve service delivery within the sector.