The National Insurance Commission NAICOM, and United Nations Development Programme UNDP are in collaboration to set strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.
This was the crux of visit of the UNDP delegation to NAICOM. Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment. The delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.
In his response, the Commissioner for Insurance Olusegun Omosehin expressed gratitude for their sustained support to the Nigerian insurance industry. He said the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.
He explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions; the Commission he reiterated has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.
He cleared that NAICOM’s commitment to institutionalising Environmental, Social, and Governance (ESG) principles and sustainable insurance practices by setting the pace with own NAICOM ESG Framework, developed in collaboration with partners such as FSD Africa and UNDP.
Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.They also explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).
Featured picture: L-R Mr Ikenns Orji, Mr Ekerete Ola Gam-Ikon (Deputy Commissioner finance), Mr Henry Akwitti (Leader of the delegation),Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission), Mr David Rueller member of the delegation Dr Usman Jankara (Deputy Commissioner technical National Insurance Commission) and Mr Joseph Eta.
