Nigeria: Insurance regulator NAICOM calls on insurance industry to develop cyber insurance
Source: Middle East Insurance Review | Apr 2025
The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to develop and introduce cyber insurance products in response to increasing digital risks.
NAICOM head of communications and stakeholder management sub-committee Ebelechukwu Nwachukwu, said this at the Insurers’ Committee Meeting held in Lagos in February, according to local media reports.
Ms Nwachukwu said, “Given the global digital transformation, NAICOM sees the need to develop cyber insurance products. Operators should begin engagements to roll out cyber insurance products.”
She also said that NAICOM is collaborating with the National Information Technology Development Agency and the Nigeria Data Protection Commission to move forward in this field.
She also exhorted insurance practitioners to undergo specialised training on data protection measures. M