The Federal Government is set to deploy satellite technology to identify buildings across Nigeria and enforce compliance with compulsory insurance regulations as part of efforts to modernise the country’s insurance system.
The initiative is being driven through a strategic partnership between the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA), aimed at leveraging geospatial intelligence to strengthen regulation and improve data accuracy in the insurance sector.
The collaboration was formalised during a high-level meeting between both agencies, according to a statement issued by NAICOM on Tuesday.
Speaking during the engagement, the Director General of NASRDA, Matthew Adepoju, said the partnership will utilise the agency’s satellite and geospatial capabilities to generate reliable, evidence-based datasets.
He explained that the data will support the development of modern insurance products, improve regulatory oversight, and unlock economic opportunities at both federal and state levels.
Adepoju also highlighted the role of insurance in protecting national assets, noting that previous satellite replacement cases demonstrate how insurance can help manage sovereign risks and safeguard critical infrastructure.
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said the initiative aligns with ongoing reforms aimed at transforming Nigeria’s insurance sector into a more efficient and results-driven system.
He noted that the partnership will enable the use of geospatial intelligence to identify public buildings and other assets eligible for compulsory insurance coverage.
It will also support the development of a national catastrophic risk insurance framework to address large-scale emergencies such as floods and natural disasters.
Under the framework, NAICOM and NASRDA will collaborate on:
- High-resolution mapping of properties nationwide
- Creation of a national property and asset database
- Strengthening enforcement of compulsory insurance for public buildings
- Expanding insurance penetration through innovation and digital systems
The initiative is expected to improve Nigeria’s disaster preparedness, enhance financial protection mechanisms, and expand access to insurance coverage, particularly for public infrastructure and vulnerable assets.
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