The National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have initiated a strategic partnership aimed at leveraging geospatial data and satellite technology to deepen insurance penetration, improve enforcement, and strengthen risk management across Nigeria’s insurance ecosystem.
VDCInsights reports that the agreement was reached during a high-level meeting between the leadership of NAICOM and NASRDA, where both streamlined plans to deploy space-based intelligence and data-driven solutions to support economic resilience, financial inclusion, and sustainable development.
Under the agreement, both agencies will collaborate on the development of a national catastrophic insurance system, high-resolution property mapping, and the establishment of a comprehensive national property database.
The partnership will also support stricter enforcement of compulsory insurance for public buildings and promote broader insurance penetration through innovative and sustainable initiatives.
Director General of NASRDA, Matthew Adepoju, said the collaboration would harness the agency’s satellite and geospatial capabilities to generate accurate, evidence-based data-sets.
Adepoju stated that such data would support the development of modern insurance products, enhance regulatory enforcement, and unlock economic value at both federal and state levels.
He also highlighted the critical role of insurance in protecting high-value national assets, citing the successful replacement of an insured satellite as a demonstration of its effectiveness in reducing sovereign risk.
Speaking at the occasion, NAICOM’s Commissioner for Insurance and Chief Executive Officer, Olusegun Ayo Omosehin, said the initiative aligns with the commission’s transformation agenda and commitment to delivering impactful reforms.
Omosehin listed the potential of geospatial intelligence in identifying public buildings and other insurable assets for compulsory coverage, as well as supporting the development of a robust national catastrophic risk insurance framework.
NAICOM reiterated its core regulatory priorities, including policyholder protection, enhanced regulatory capacity, legal and regulatory reforms, financial soundness through recapitalisation, and a focus on innovation and sustainability.
The partnership would directly advance NAICOM’s objectives of expanding access and driving innovation in the sector
