The National Insurance Commission (NAICOM) of Nigeria and Ghana's National Insurance Commission (NIC) have strengthened their partnership to reinforce the role of the industry in sustainable regional economic growth.
Focused on cross-border cooperation and insurance innovation, the collaboration also aims to drive regional financial inclusion, reported the News Agency of Nigeria.
Receiving the Commissioner for Insurance of Ghana, Dr Abiba Zakariah, who paid a working visit to the NAICOM last week in Abuja, Nigeria’s Commissioner for Insurance, Mr Olusegun Omosehin, underscored the critical role of insurance in economic development.
He emphasised that meaningful poverty reduction across Africa remained unattainable without significantly increasing insurance penetration and that insurance was essential for risk management, financial resilience and inclusive growth.
In her turn, Dr Zakariah noted that prioritising collaboration among African insurance regulators is key to unlocking innovation, expanding market access, and enhancing financial inclusion across the continent.
Industry stakeholders note that this strengthened alliance will optimise insurance operations across both markets in three areas: ?marine and cross-border trade underwriting, InsurTech and digital distribution,? and risk management and capacity sharing