The National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have initiated discussions on a strategic collaboration aimed at leveraging geospatial data and satellite technology to strengthen Nigeria’s insurance value chain.
The partnership is designed to expand insurance access, improve regulatory enforcement, and enhance risk management across the sector. Both agencies agreed to deploy space-based intelligence and data-driven solutions to support economic resilience, financial inclusion, and sustainable development nationwide.
Director General of NASRDA, Matthew Olumide Adepoju, highlighted the agency’s capacity to generate accurate, evidence-based datasets using advanced geospatial and satellite technologies. He noted that such data would support the development of innovative insurance products, reinforce regulatory oversight, and unlock economic opportunities at both federal and sub-national levels.
Adepoju also underscored the critical role of insurance in protecting high-value national assets, referencing the successful insurance-backed replacement of a satellite as a practical example of effective sovereign risk management.
Similarly, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, stated that the initiative aligns with NAICOM’s ongoing transformation agenda, which prioritizes efficiency and measurable outcomes. He emphasized the potential of geospatial intelligence to identify insurable public assets and ensure compliance with compulsory insurance requirements, while also supporting the development of a comprehensive national catastrophic risk insurance framework.
NAICOM reiterated its core regulatory priorities, including policyholder protection, institutional capacity strengthening, modernization of legal and regulatory frameworks, financial stability through recapitalization, and the promotion of innovation and sustainability. The Commission noted that the partnership directly supports its objectives of expanding insurance access and fostering innovation within the sector.
Under the proposed framework, both agencies will collaborate on key initiatives such as the development of a national catastrophic insurance framework, high-resolution property mapping, the establishment of a national property database, and improved enforcement of compulsory insurance for public buildings. The partnership will also focus on driving insurance penetration through innovation-led strategies.
Stakeholders expressed confidence that the collaboration will significantly enhance the role of the insurance sector in supporting Nigeria’s economic stability and long-term growth.
