NAICOM, NASRDA Seal Strategic Pact to Deepen Insurance Penetration, Deploy Satellite Intelligence

By LOVETH AZODO, Lagos

In a move poised to reshape Nigeria’s insurance landscape, the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have entered into a strategic partnership to deploy geospatial data and satellite technology in expanding insurance access, strengthening enforcement, and improving risk management nationwide.

The agreement was reached at a high-level meeting between the leadership of both institutions, marking a significant step toward integrating space-based intelligence into Nigeria’s financial services architecture.

Director General of NASRDA, Matthew Olumide Adepoju, said the collaboration would leverage the agency’s satellite and geospatial capabilities to generate accurate, evidence-based datasets critical to modern insurance operations.

He noted that such data would not only support the development of innovative insurance products but also enhance regulatory enforcement and unlock economic value across federal and sub-national levels.

Adepoju stressed the strategic role of insurance in safeguarding national assets, referencing a past satellite replacement backed by insurance as proof of the sector’s capacity to mitigate sovereign risk.

On his part, Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, described the partnership as fully aligned with the commission’s transformation agenda anchored on speed, innovation, and measurable outcomes.

He said the deployment of geospatial intelligence would enable regulators to identify public buildings and other insurable assets for compulsory insurance coverage, while also laying the groundwork for a comprehensive national catastrophic risk insurance framework.

Omosehin reiterated NAICOM’s commitment to its core regulatory pillars, including policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalisation, as well as innovation and sustainability, noting that the collaboration directly advances the commission’s drive to broaden access to insurance.

Under the framework, both agencies are expected to jointly develop a national catastrophic insurance structure, undertake high-resolution property mapping, establish a national property database, and strengthen enforcement of compulsory insurance policies for public assets.

Industry stakeholders say the initiative could significantly boost insurance penetration while enhancing Nigeria’s economic resilience through data-driven risk assessment and improved coverage of critical infrastructure.