NAICOM and UNDP have strengthened collaboration in Abuja to expand climate risk insurance and improve disaster resilience across Nigeria.
The National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP) have strengthened collaboration to expand climate risk insurance, improve disaster resilience, and increase insurance penetration in Nigeria.
The development followed a courtesy visit by a UNDP delegation to NAICOM headquarters in Abuja, where both institutions reviewed key areas of cooperation, including insurance innovation, market stability, and climate and disaster risk financing.
According to a statement issued on Thursday, by the Commission, the Commissioner for Insurance, Olusegun Ayo-Omosehin, says the partnership aligns with ongoing reforms in the insurance sector aimed at enhancing consumer protection, regulatory effectiveness, and financial stability.
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He noted that the Nigerian Insurance Industry Reform Act (NIIRA 2025) provides a stronger legal framework for promoting innovation, sustainability, and expanded market access within the sector.
Omosehin also reaffirmed NAICOM’s commitment to integrating Environmental, Social and Governance (ESG) principles into insurance operations, adding that the Commission is developing an internal ESG framework to support sustainable insurance practices.
UNDP Regional Specialist, David Mueller, commended NAICOM’s leadership and reiterated UNDP’s commitment to supporting Nigeria’s insurance sector.
He said the organisation is focused on scaling up climate-related insurance initiatives, including the Lagos Flood Risk Insurance Model, and strengthening actuarial and technical capacity within the industry.
Mueller further stressed the importance of expanding access to disaster risk insurance in response to rising climate-related vulnerabilities across Nigeria.
Both institutions agreed on the need to strengthen actuarial capacity through coordinated training and development programmes, including the GAIN initiative and partnerships with technical service providers.
They also explored plans to revive a national catastrophic insurance scheme in collaboration with agencies such as the National Emergency Management Agency (NEMA), to improve preparedness and financial response to large-scale disasters.
The partnership is expected to support Nigeria’s broader climate resilience agenda while improving risk protection for individuals, businesses, and vulnerable communities.
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