Insurance companies in Nigeria have been urged to develop and introduce cyber insurance products in response to increasing digital risks.
Head, Communication and Stakeholders Management Sub-committee of the National Insurance Commission, NAICOM, Mrs. Ebelechukwu Nwachukwu, gave the advice at the Insurers’ Committee Meeting held in Lagos on Wednesday.
“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 stated.
Nwachukwu noted that NAICOM is collaborating with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission to advance the initiative.
The commission directed insurance companies to pay for all cases resolved by the regulator, as part of efforts to sanitize the industry and improve policyholder confidence.
“The NAICOM Commissioner wants insurance companies to engage their brokers and customers to reduce outstanding claims,” Nwachukwu further stated.
She also spoke on risks in Nigeria’s aviation industry and emphasized the need for better security measures.
