The National Insurance Commission (NAICOM) has entered a strategic partnership with the United Nations Development Programme (UNDP) to support development in Nigeria's insurance sector. The collaboration was confirmed during a courtesy visit by a UNDP delegation to NAICOM, led by UNDP Regional Specialist Mr. David Mueller. The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received the team and welcomed ongoing support for industry reforms. Discussions focused on expanding insurance access, improving market stability, and scaling climate and disaster risk solutions across Nigeria.
Mr. Mueller praised NAICOM's leadership and emphasized UNDP's interest in expanding the Lagos Flood Risk Insurance Model. He also highlighted plans to strengthen actuarial capacity and help insurers mobilize domestic capital for sustainable investment. The UNDP delegation pledged continued backing for reforms, drawing from lessons of past projects in the sector. Mr. Omosehin outlined five strategic pillars guiding NAICOM's reform agenda. He stressed the importance of transparency in the recapitalization process and creating an enabling environment for innovation.
The Commissioner cited the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a key legal framework. The law aims to improve consumer protection, regulatory capacity, financial soundness, and market penetration. It also supports innovation and sustainability within the insurance industry.
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