L-R Dr Usman Jankara (Deputy Commissioner Technical; National Insurance Commission), Dr Mathew Olumide Adepoju (Director General NASRDA), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission) and Mr Ekerete Ola Gam-Ikon (Deputy Commissioner Finance and Administration National Insurance Commission)
In a bold step toward redefining Nigeria’s insurance architecture through technology and data intelligence, the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have entered into a strategic partnership aimed at leveraging satellite technology and geospatial data to expand insurance coverage, strengthen enforcement, and enhance risk management nationwide.
The collaboration, which emerged from a high-level engagement between both agencies, reflects a growing recognition of the role of data-driven governance in building a resilient financial system. It also signals a shift toward integrating advanced technology into Nigeria’s insurance ecosystem, long challenged by low penetration, weak enforcement, and limited access to reliable data.
At the heart of the partnership is the deployment of space-based intelligence to support underwriting accuracy, claims verification, and regulatory compliance. By tapping into NASRDA’s satellite imaging and geospatial capabilities, the initiative is expected to provide precise, real-time data that will enable insurers and regulators to better assess risks, price policies more effectively, and identify uninsured assets across the country.
Speaking during the engagement, Director-General of NASRDA, Matthew Olumide Adepoju, described the partnership as a strategic alignment of science and finance for national development. He noted that geospatial data would serve as a critical enabler in building a modern insurance framework anchored on accuracy, transparency, and efficiency.
According to Adepoju, “the use of satellite-derived data will allow for evidence-based decision-making across the insurance value chain—from product development to enforcement and claims settlement.” He added that such capabilities would not only improve risk modelling but also open up new insurance frontiers in sectors such as agriculture, urban infrastructure, and climate risk management.
Highlighting the practical relevance of insurance in national planning, Adepoju referenced Nigeria’s past experience with insured satellite assets, where insurance coverage facilitated replacement and continuity. He stressed that this underscores the importance of embedding insurance into the country’s broader risk management strategy, particularly for high-value government assets.
On the regulatory front, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, emphasised that the initiative aligns with the Commission’s ongoing transformation agenda focused on innovation, market expansion, and operational efficiency.
Omosehin explained that one of the immediate benefits of the partnership would be the ability to identify and map public buildings and critical infrastructure that are legally required to have insurance coverage. This, he said, would significantly improve enforcement of compulsory insurance policies, a long-standing challenge within the sector.
He further disclosed that the collaboration would support the development of a robust national catastrophic risk insurance framework designed to cushion the economic impact of disasters such as floods, fires, and other large-scale risks. According to him, “this initiative is not just about technology; it is about protecting lives, assets, and the economy through a more responsive and inclusive insurance system.”
NAICOM reiterated that the partnership strengthens its five core regulatory pillars: policyholder protection, regulatory capacity enhancement, legal and regulatory reform, financial soundness through recapitalisation, and the promotion of innovation and sustainability. The integration of geospatial intelligence, the Commission noted, directly advances its objective of deepening insurance penetration while ensuring compliance and transparency.
Under the partnership framework, both agencies are expected to collaborate on several key initiatives, including the development of a national catastrophic insurance programme, high-resolution mapping of insurable assets, the creation of a national property database, and the deployment of data tools to enforce compulsory insurance regulations across states and local governments.
Analysts say the alliance represents a significant turning point for Nigeria’s insurance industry, which has historically struggled with inadequate data infrastructure and low public trust. By introducing satellite-backed verification systems, the partnership could address issues such as fraudulent claims, underinsurance, and weak compliance enforcement.
Beyond the insurance sector, the initiative is also expected to contribute to broader economic planning by providing critical data for urban development, disaster preparedness, and environmental management. This aligns with Nigeria’s ambition to build a more resilient and inclusive economy in the face of climate change and rapid urbanisation.
As both agencies move to operationalise the partnership, stakeholders across the financial services and technology ecosystems will be watching closely. If successfully implemented, the NAICOM–NASRDA collaboration could serve as a model for how cross-sector partnerships can unlock innovation, drive inclusion, and strengthen institutional effectiveness in Nigeria.
NAICOM and NASRDA launch a strategic partnership to deploy satellite and geospatial data in transforming Nigeria’s insurance sector, boosting risk management, enforcement, and national resilience.
NAICOM partners with NASRDA to leverage satellite technology and geospatial data for insurance expansion, improved risk management, and stronger enforcement across Nigeria’s economy.
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