By Oluwakemi Kindness
The Federal Government has unveiled plans to deploy satellite technology to identify buildings across the country and ensure compliance with compulsory insurance laws.
The initiative follows a strategic partnership between the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA), aimed at leveraging geospatial data and satellite technology to strengthen Nigeria’s insurance ecosystem.
The collaboration was agreed upon during a high-level meeting between the leadership of both institutions according ti a statement on Tuesday by NAICOM.
Speaking during the visit, Director General of NASRDA, Matthew Adepoju, said the partnership would harness the agency’s geospatial and satellite capabilities to generate accurate, evidence-based datasets.
According to him, the datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub-national levels.
He also highlighted the importance of insurance in safeguarding high-value national assets, citing a previously insured satellite replacement as an example of how insurance can help manage sovereign risk.
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said the initiative aligns with the commission’s strategic transformation agenda and commitment to results-driven reforms.
He noted that the partnership presents an opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as support the development of a robust national catastrophic risk insurance framework.
Under the partnership framework, both agencies will collaborate on high-resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.
The initiative is also expected to strengthen Nigeria’s capacity to manage disaster risks, including floods and other large-scale emergencies, while improving financial inclusion by expanding access to insurance coverage.
