By Abiodun Folarin
WorldStage– The National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have strengthened their partnership aimed at leveraging geospatial data and satellite technology to expand insurance access, improve enforcement, and enhance risk management across Nigeria’s insurance ecosystem.
Both agencies solidified their collaboration during a high-level engagement between the two institutions, seeking to deploy space-based intelligence and data-driven solutions to support national economic resilience, financial inclusion, and sustainable development.
Speaking during the visit, Dr. Matthew Olumide Adepoju, Director-General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence-based datasets.
According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub-national levels.
He further highlighted the importance of insurance in safeguarding high-value national assets, citing a previously insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, emphasized that the initiative strongly aligns with NAICOM’s strategic transformation agenda and its commitment to swift, results-oriented reforms.
He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.
NAICOM reaffirmed its core regulatory pillars policy holder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.
Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high-resolution property mapping, the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.
