L-R Mr Ikenns Orji, Mr Ekerete Ola Gam-Ikon (Deputy Commissioner finance and administration; National Insurance Commission), Mr Henry Akwitti (Leader of the delegation), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission), Mr David Rueller, (member of the delegation), Dr Usman Jankata (Deputy Commissioner technical National Insurance Commission)and Mr Joseph Eta.
BY NKECHINAECHE-ESEZOBOR—The National Insurance Commission, (NAICOM), has reaffirmed its commitment to strengthening Nigeria’s insurance sector through a renewed partnership with the United Nations Development Programme (UNDP), with a focus on market stability, industry recapitalization, and the integration of Environmental, Social, and Governance (ESG) principles.
During a courtesy visit by the UNDP delegation to the Commission, both parties outlined strategic priorities aimed at expanding insurance access, enhancing regulatory capacity, and developing innovative climate and disaster risk solutions to improve resilience and deepen insurance penetration across the country.
Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector.
He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.
The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.
In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.
The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.
He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.
The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.
Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).
