Nigeria to Protect Assets, Boost Insurance Coverage with Satellite Data
By Patience Ikpeme
The National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have joined forces to modernize Nigeria’s insurance industry using satellite technology.
The new partnership aims to use space data to identify uninsured buildings, manage national risks, and make insurance more accessible to all Nigerians.
The agreement, reached during a high-level meeting in Abuja, focused on using “geospatial intelligence” to track property and enforce insurance laws. By using satellite imagery, the government can better monitor public assets and respond to large-scale disasters.
Dr. Matthew Olumide Adepoju, Director General of NASRDA, stated that the agency’s technology will provide the evidence needed to create smarter insurance policies.
“This partnership will harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence-based datasets,” Dr. Adepoju said. “These datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub-national levels.”
He also pointed out that insurance is a proven tool for protecting expensive government property, noting that a “previous insured satellite replacement” served as a “practical demonstration of insurance effectiveness in managing sovereign risk.”
Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, said the move is part of a broader plan to reform the Nigerian financial sector.
“The initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results-oriented reforms,” Mr. Omosehin explained. “There is a significant opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.”
The collaboration will focus on several immediate goals, including mapping properties nationwide to create a digital database and ensuring that all public buildings carry the legally required insurance. Both agencies believe that combining space technology with financial services will create a more stable and protected economy for the country.
