NAICOM, UNDP Renew Partnership to Accelerate Insurance Innovation, Climate Resilience and Sector Reforms in Nigeria

L-R Mr Ikenns Orji, Mr Ekerete Ola Gam-Ikon (Deputy Commissioner finance), Mr Henry Akwitti (Leader of the delegation),Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission), Mr David Rueller member of the delegation Dr Usman Jankara (Deputy Commissioner technical National Insurance Commission) and Mr Joseph Eta.

The National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP) have reaffirmed their commitment to deepening collaboration aimed at transforming Nigeria’s insurance landscape through innovation, expanded market access, and strengthened climate and disaster risk resilience frameworks.
The renewed partnership came to the fore during a courtesy visit by a UNDP delegation to the Commission’s headquarters, where both institutions held strategic discussions on accelerating reforms, scaling insurance penetration, and enhancing the sector’s capacity to respond to emerging environmental and economic risks.
Receiving the delegation, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, commended UNDP for its consistent technical and developmental support to Nigeria’s insurance industry. He described the partnership as pivotal to ongoing efforts to reposition the sector as a key pillar in national economic stability and risk management.
Mr Omosehin outlined the Commission’s reform agenda, which is anchored on five strategic pillars designed to strengthen regulatory effectiveness, improve consumer protection, foster innovation, enhance financial soundness, and expand insurance access across underserved markets.
He further reiterated NAICOM’s commitment to ensuring a transparent and well-structured recapitalisation process for insurance operators. According to him, the first phase of the ongoing recapitalisation exercise is expected to be concluded by 31 July 2026. He noted that a dedicated Recapitalisation Committee has been established to provide guidance, ensure compliance, and support operators throughout the transition period.
The Commissioner also emphasised the importance of the Nigerian Insurance Industry Reform Act (NIIRA 2025), describing it as a landmark legislation that provides a modern regulatory foundation for strengthening market stability, deepening innovation, and enhancing the overall resilience of the insurance sector.
A key highlight of the engagement was NAICOM’s renewed focus on Environmental, Social, and Governance (ESG) integration within the industry. The Commission disclosed ongoing plans to develop an in-house ESG framework that will institutionalise sustainability principles across insurance operations. This initiative builds on earlier collaborations with development partners such as FSD Africa and UNDP.
On his part, UNDP Regional Specialist, Mr David Mueller, expressed appreciation for NAICOM’s leadership and reaffirmed the organisation’s readiness to support Nigeria in scaling insurance solutions that address both economic and climate-related risks.
He highlighted UNDP’s interest in expanding innovative programmes such as the Lagos Flood Risk Insurance Model, strengthening actuarial capacity within the industry, and supporting efforts to mobilise domestic capital for sustainable and climate-resilient investments.
Mueller also pledged continued support for Nigeria’s broader insurance sector reforms, noting that lessons from earlier joint interventions would be leveraged to ensure greater impact and scalability.
Both parties agreed on the urgent need to address gaps in actuarial capacity, identifying systemic training and institutional partnerships—such as the GAIN programme and collaborations with actuarial service providers—as critical to strengthening technical expertise in the industry.
The discussions further explored the potential revival of a national catastrophe insurance scheme to provide coordinated financial protection against natural disasters and climate-induced shocks. The proposed framework would be jointly implemented by NAICOM, UNDP, and key disaster management stakeholders, including the National Emergency Management Agency (NEMA).
The meeting ended on a positive note, with both NAICOM and UNDP reaffirming their shared commitment to building a more resilient, innovative, and inclusive insurance ecosystem capable of supporting Nigeria’s long-term economic and climate resilience goals.
NAICOM and UNDP have strengthened their partnership to advance insurance innovation, climate risk resilience, and sector reforms in Nigeria. The collaboration focuses on recapitalisation, ESG integration, actuarial capacity building, and the development of a national catastrophe insurance framework to enhance market stability and financial protection.
NAICOM and UNDP renew partnership to drive insurance innovation, climate resilience, ESG adoption, and sector reforms in Nigeria, including recapitalisation and catastrophe insurance plans.