The National Insurance Commission (NAICOM) has urged meticulous adherence to operational guidelines for the ECOWAS Brown Card Insurance Scheme to bolster its sustainability, citing delays in claims payments and lax enforcement as major threats to regional trust. At the inaugural zonal meeting in Lagos, Insurance Commissioner, Olusegun Omosehin, highlighted the scheme’s vital role in facilitating ECOWAS free movement of people and goods while protecting cross-border accident victims. He flagged persistent issues like inconsistent rule application amid industry challenges such as regulatory changes, tech advancements, and integration demands.
Omosehin emphasized that swift, equitable claim handling is key, calling for enhanced regulator collaboration, robust enforcement, and Nigeria’s bolstered framework via the 2025 Nigerian Insurance Industry Reform Act, which empowers the National Bureau for better oversight. He stressed managing transitions in data security, cybersecurity, system compatibility, and process uniformity.
Nigerian Insurers Association Chairman Kunle Ahmed underscored multi-stakeholder partnerships involving regulators, the National Bureau of Nigeria (NBN), insurers, and others. He praised the Bureau’s coordination role and the 2025 reforms for aligning Nigeria with international standards, reaffirming the industry’s dedication through motor insurers underwriting the scheme.
