NAICOM, UNDP deepen allianceon climate risk, insurance reform
The National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP) have strengthened their partnership to scale insurance innovation, sustainability and climate risk resilience in Nigeria. The Commissioner for
The National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP) have strengthened their partnership to scale insurance innovation, sustainability and climate risk resilience in Nigeria.
The Commissioner for Insurance, Olusegun Ayo Omosehin, received a UNDP delegation in Abuja on a courtesy visit aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability and scale climate and disaster risk solutions nationwide.
UNDP Regional Specialist, David Mueller, commended NAICOM’s leadership and reaffirmed the agency’s commitment to Nigeria’s insurance sector.
He said UNDP would support efforts to scale the Lagos Flood Risk Insurance Model, strengthen systemic capacity, particularly actuarial development and enable insurers mobilise domestic capital for sustainable investments.
Mueller added that UNDP would continue backing ongoing reforms in the industry, drawing from lessons of previous interventions.
Responding, Omosehin expressed appreciation for UNDP’s sustained support and outlined five strategic pillars driving NAICOM’s reform agenda.
He reiterated the Commission’s commitment to a transparent recapitalisation process, innovation and an enabling environment to boost insurance penetration.
He noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a stronger legal framework for consumer protection, regulatory efficiency, financial soundness and market expansion.
The Commissioner said the ongoing recapitalisation exercise, scheduled to conclude its first phase on July 31, 2026, is designed to strengthen the resilience of insurance firms, adding that a dedicated committee has been set up to guide operators through the process.
On sustainability, he said NAICOM is advancing Environmental, Social and Governance (ESG) principles through the development of an in-house framework, building on earlier work with partners including FSD Africa and UNDP.
Both parties agreed on the need to accelerate actuarial capacity development across the industry through coordinated initiatives such as the GAIN programme and partnerships with actuarial service providers.
They also explored plans to revive a national catastrophic insurance scheme to be implemented jointly with relevant agencies, including the National Emergency Management Agency (NEMA).
