Nigeria

Spearheading risk transfer solutions

UNDP is helping to protect 8.5 million vulnerable people in Lagos, Nigeria’s biggest city, through the development of a sub-sovereign risk transfer scheme providing flood risk coverage for Lagos State. UNDP is working with regional government under the Tripartite Agreement (TPA), a public-private partnership between UNDP, 20 of the world’s largest insurers under the framework of the Insurance Development Forum and the German Federal Ministry of Economic Cooperation and Development (BMZ).

UNDP is also working with government and partners to create a National Disaster Risk Finance Strategy, provide guidance on integrating risk financing into Nigeria’s NDC, increase institutional capacity on disaster risk finance and inclusive insurance, and improve the enabling environment for insurance development.

Increasing capacity to better prepare for risk

The UNDP Milliman Global Actuarial Initiative (GAIN) aims to help countries predict and prepare for risks by increasing actuarial capacity, enabling better risk modelling and more accurate pricing of insurance and social protection mechanisms. In cooperation with Nigeria’s government and insurance industry stakeholders, the GAIN initiative is working to improve actuarial capacity in Nigeria through training, mentorships and support for local actuarial professionals.

Incentivizing the development of new insurance products and services across emerging economies

UNDP’s Insurance Innovation Challenges are powering a new generation of insurance products and services tailored to underserved households and businesses in developing economies.

• Active in 25 countries, with an investment of over US$2.1 million 
• Addressing specific barriers and opportunities to scale financial protection, with a particular focus on women, SMEs and other vulnerable groups 
• Creating market opportunities for insurance providers and safeguarding development.