The National Insurance Commission (NAICOM) has urged insurance companies to develop and roll out cyber insurance products. This call to action comes at a time when digital transactions are becoming increasingly prevalent in the country, with e-payments reaching unprecedented levels.
During a recent Insurers’ Committee Meeting in Lagos, NAICOM emphasized the need for insurers to adapt to the changing digital landscape. Mrs. Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Management Sub-committee, highlighted the importance of compliance with Nigeria’s Data Protection Regulations. She noted that insurance practitioners are being encouraged to undergo training on data protection measures to better equip them for this new frontier.
NAICOM is working closely with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission to advance this initiative. The collaboration aims to enhance Nigeria’s digital infrastructure and promote awareness about the importance of cyber insurance.
Cyber insurance policies will provide crucial financial protection against losses resulting from cyberattacks, covering costs associated with investigations, crisis communication, and legal services. This move is part of a broader effort to align Nigeria’s digital economy with global standards, ensuring that businesses and individuals are better equipped to navigate the risks associated with digital transactions.
In addition to the push for cyber insurance, NAICOM is also focusing on sanitizing the insurance sector. The commission has directed insurance companies to settle all resolved claims promptly, aiming to reduce complaints from policyholders and promote accountability among insurers. This initiative is designed to boost confidence in the insurance industry and improve overall customer satisfaction.
Furthermore, NAICOM is addressing risks in the aviation sector by enhancing insurance coverage and emphasizing the need for better security measures. The commission is also urging support for enforcing third-party motor insurance and collaborating on its innovation lab.
