Dr. Sam Onyeka, an insurance expert, is advocating for greater public education and improved public perception regarding vehicle insurance policies, particularly third-party motor insurance, in Nigeria.
Onyeka, the Lead Director of Transparent Protection Limited (TPL)/GTE, an insurance non-governmental organization (NGO), emphasized that continuous sensitization is crucial for boosting the public’s understanding of insurance benefits. He believes that increased awareness would lead to higher insurance penetration and more people subscribing to insurance.
“Insurance sensitization is everybody’s responsibility. NAICOM and the insurance industry should also join me and public-spirited individuals to do it,” Onyeka stated. “Anyone who is interested can be involved, but essentially it is between NAICOM and insurance companies.”
While stressing that insurance education is a collective responsibility, Onyeka highlighted that NAICOM and insurance companies have particularly important roles to play in this effort.
Market Campaigns and Regulatory Partnerships
The National Insurance Commission (NAICOM), in collaboration with the United Nations Development Programme (UNDP) and the Nigerian Insurers Association (NIA), has launched an insurance education campaign in markets across the country. This initiative, titled “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” aims to educate traders and the general public about the importance of insurance.
The campaign focuses on educating traders about various insurance types, including fire and special perils insurance, goods in transit insurance, accident insurance, and life insurance. The primary goal is to enhance financial resilience and promote inclusive insurance as a means to reduce poverty and improve financial inclusion.
In a related development, NAICOM and the Federal Road Safety Corps (FRSC) have formed a partnership to ensure compliance with mandatory third-party vehicle insurance in Nigeria.
At a joint press conference held in Abuja, representatives from NAICOM and the FRSC highlighted their commitment to ensuring safer roads through regulatory oversight and enforcement. Olusegun Omosehin emphasized the extensive discussions on enhancing road safety measures and enforcing compliance with compulsory third-party motor insurance policies.
The Nigeria Police began nationwide enforcement of the third-party motor insurance policy on February 1, 2025, under the directive of Inspector General of Police, Kayode Egbetokun.
