The National Insurance Commission (NAICOM) has urged insurance companies to create and launch cyber insurance products to address the growing digital risks in the country. This call was made during the Insurers’ Committee Meeting held in Lagos on Wednesday.
Head of the Communication and Stakeholders Management Sub-committee, Ebelechukwu Nwachukwu, highlighted the importance of adhering to Nigeria’s Data Protection Regulations. She also announced that insurance practitioners are being encouraged to undergo training on data protection measures.
“With the global shift toward digital transformation, NAICOM recognizes the importance of developing cyber insurance products. Operators are encouraged to initiate efforts to introduce these products,” Nwachukwu stated.
She added that NAICOM is collaborating with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission to further advance this initiative.
In addition, the commission directed insurance companies to cover the costs for all cases resolved by the regulator, as part of ongoing efforts to improve industry standards and enhance policyholder confidence. This move aims to reduce complaints from policyholders and foster greater accountability within the sector.
NAICOM also addressed concerns about risks in Nigeria’s aviation industry, stressing the need for stronger security measures. Furthermore, Nwachukwu mentioned that the current solvency framework, which is based on existing capital requirements, will be reviewed to ensure its effectiveness.
