By Oluwakemi Kindness
The National Insurance Commission () and the United Nations Development Programme (UNDP) have deepened collaboration aimed at expanding climate risk insurance, strengthening disaster resilience, and improving insurance penetration in Nigeria.
This followed a courtesy visit by a UNDP delegation to NAICOM headquarters in Abuja, where both parties reviewed strategic areas of cooperation, including insurance innovation, market stability, and climate and disaster risk financing.
A statement on Thursday by the Commission, says the Commissioner for Insurance, Olusegun Ayo-Omosehin, noted that the partnership aligns with ongoing reforms in the insurance sector designed to enhance consumer protection, regulatory NAICOMeffectiveness, and financial stability.
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 industry.
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.
The 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, as well as strengthening actuarial and technical capacity within the industry.
He further stressed the importance of expanding access to disaster risk insurance in response to increasing climate-related vulnerabilities across the country.
Both institutions also agreed on the need to strengthen actuarial capacity in the insurance sector through coordinated training and development programmes, including the GAIN initiative and partnerships with technical service providers.
In addition, the meeting explored plans to revive a national catastrophic insurance scheme in collaboration with relevant agencies, including the National Emergency Management Agency (NEMA), to enhance preparedness and financial response to large-scale disasters.
The partnership is expected to support Nigeria’s broader climate resilience agenda while improving risk protection mechanisms for individuals, businesses, and vulnerable communities
