NAICOM And UNDP Partner To Scale Climate Resilience And Finalize National Catastrophic Insurance Scheme

NAICOM and the UNDP strengthen ties to scale climate resilience, actuarial capacity, and a new national catastrophic insurance scheme in Nigeria.

By: AXL Media

Published: Apr 22, 2026, 4:27 AM EDT

Source: Information for this report was sourced from The Nation Newspaper

Strategic Alliance For Disaster Risk Management

Nigeria’s primary insurance regulator and the United Nations Development Programme have expanded their collaborative efforts to address escalating environmental threats. During a high level visit to Abuja, Commissioner for Insurance Olusegun Ayo Omosehin and UNDP Regional Specialist David Mueller outlined a shared agenda focused on disaster risk solutions. According to the commission, the partnership aims to mobilize domestic capital for sustainable investments while scaling the Lagos Flood Risk Insurance Model to other vulnerable regions across the federation.

Regulatory Reforms Under The NIIRA 2025

The collaboration comes at a pivotal time for the industry, following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. According to Commissioner Omosehin, this new legal framework provides the necessary authority to enhance regulatory efficiency and consumer protection. The Act is intended to support the ongoing market expansion and provide a stronger foundation for the financial soundness of operating firms, particularly as the industry moves through a complex recapitalization phase scheduled to conclude its first stage by July 31, 2026.

Advancing Actuarial Capacity And ESG Frameworks

A critical component of the NAICOM-UNDP alliance is the systemic development of actuarial science within Nigeria. Both parties agreed to accelerate capacity building through coordinated initiatives like the GAIN programme. Furthermore, NAICOM is currently developing an in-house framework for Environmental, Social, and Governance (ESG) principles. This framework, built on prior collaborations with FSD Africa, is designed to ensure that the Nigerian insurance sector aligns with global sustainability standards and can accurately price and manage climate related risks.