UNDP and NAICOM Collaborate on Lagos Flood Insurance

The United Nations Development Programme (UNDP) and the National Insurance Commission (NAICOM) are set to scale the Lagos Flood Risk Insurance Model to better manage climatic change risks. This collaboration aims to enhance the Nigerian insurance sector by implementing business enhancements and reviving the national catastrophe insurance scheme.

Key stakeholders, including the National Emergency Management Agency (NEMA), will be involved in strengthening system capacities, including actuarial development to mobilize domestic capital for sustainable investment. During a visit to NAICOM in Abuja, David Mueller, a UNDP regional specialist, expressed appreciation for the leadership of Ayo Olusegun Omosehin, the NAICOM Commissioner, and reaffirmed UNDP's commitment to supporting Nigeria's insurance sector, particularly through ongoing reforms.

The recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework to strengthen consumer protection and enhance regulatory capacity. The first phase of an ongoing recapitalization exercise is scheduled to conclude on July 31, 2026.