NAICOM and UNDP Partner to Enhance Nigeria's Insurance Sector

The National Insurance Commission (NAICOM) has established a strategic partnership with the United Nations Development Programme (UNDP) to foster innovation and sustainability within Nigeria's insurance sector. During a courtesy visit, NAICOM's Commissioner, Olusegun Ayo Omosehin, received a UNDP delegation led by regional specialist David Mueller.

The partnership focuses on expanding insurance access, enhancing market stability, and developing climate disaster risk solutions across Nigeria. UNDP expressed its commitment to supporting the Nigerian insurance industry and highlighted its interest in scaling flood risk insurance models in Lagos.

The collaboration will also involve implementing ongoing reforms in the sector, drawing lessons from previous UNDP-supported projects. NAICOM outlined five strategic pillars underpinning its reform agenda, emphasizing transparency and innovation to significantly enhance insurance penetration in Nigeria.

The recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework aimed at strengthening consumer protection and regulatory capacity.