Nigeria: NAICOM, NASRDA to leverage satellite data to expand insurance coverage

National Insurance Commission (NAICOM) and National Space Research and Development Agency (NASRDA) are advancing a strategic collaboration aimed at transforming Nigeria’s insurance landscape through the use of satellite technology and geospatial data.

The partnership, formalised during a high-level engagement between both agencies, is designed to enhance insurance penetration, strengthen enforcement mechanisms, and improve risk management frameworks across the country. It also reflects a broader push to deploy data-driven tools in support of financial inclusion, economic resilience, and sustainable development.

Director-General of NASRDA, Matthew Adepoju, said the agency will deploy its satellite and geospatial capabilities to generate accurate, evidence-based datasets tailored to the needs of the insurance sector. According to him, access to reliable data will enable the development of more responsive insurance products, improve regulatory oversight, and unlock value across federal and subnational economies.

He highlighted the strategic importance of insurance in safeguarding national assets, referencing a previous instance where insurance coverage enabled the replacement of a critical satellite, thereby mitigating sovereign risk.

On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, said the initiative aligns with the commission’s reform agenda, which prioritises measurable impact and sector-wide transformation.

Omosehin noted that geospatial intelligence will play a key role in identifying insurable public infrastructure, particularly in enforcing compulsory insurance for public buildings. He added that the data will also support the development of a national catastrophic risk insurance framework.

He reaffirmed NAICOM’s commitment to strengthening policyholder protection, enhancing regulatory capacity, modernising legal frameworks, ensuring financial stability through recapitalisation, and promoting innovation and sustainability across the industry.

Under the partnership, both agencies will collaborate on building a national property database, deploying high-resolution mapping systems, and developing a comprehensive catastrophic insurance framework. The initiative is also expected to improve compliance with compulsory insurance regulations while expanding access to insurance through innovation-led solutions.

The move positions the insurance sector to play a more strategic role in supporting Nigeria’s economic stability and long-term growth.