The National Insurance Commission (NAICOM) has entered into a strategic partnership with the National Space Research and Development Agency (NASRDA) to accelerate the use of geospatial intelligence in expanding Nigeria’s insurance market and strengthening risk management systems.
The collaboration, reached at a high-level meeting between both agencies, will see the integration of satellite technology and data analytics into insurance operations, with a focus on improving compliance, widening coverage, and supporting national economic stability.
Director General of NASRDA, Matthew Olumide Adepoju, said the agency would provide precise, data-backed insights through its satellite infrastructure to support the design of innovative insurance products and improve enforcement mechanisms.
He added that the use of such data would also unlock value across different tiers of government while reinforcing the role of insurance in protecting strategic national assets.
He cited a previously insured satellite replacement as evidence of how insurance can effectively mitigate sovereign risks.
In his remarks, NAICOM’s Commissioner for Insurance and Chief Executive Officer, Olusegun Ayo Omosehin, said the initiative is in line with the commission’s reform agenda aimed at delivering impactful and measurable outcomes.
He noted that geospatial tools would enable regulators to identify insurable public assets and enforce compulsory insurance requirements more efficiently, while also supporting efforts to build a structured national catastrophic risk insurance framework.
The commission reiterated its focus on policyholder protection, stronger regulatory capacity, legal and institutional reforms, financial stability through recapitalization, and the promotion of innovation and sustainability within the industry.
Both agencies are expected to jointly develop a national catastrophic insurance framework, deploy high-resolution mapping for property identification, establish a national property database, strengthen enforcement of compulsory insurance for public buildings, and drive insurance penetration through technology-led initiatives.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
