Casava Launches Nigeria’s Clean Energy Insurance Products in Partnership with Rivy, Insuring Renewable Energy Investments for SMEs
Casava, Nigeria’s first licensed digital microinsurance company, today announced a landmark partnership with Rivy, a leading clean-tech finance company, to launch Nigeria’s first dedicated green insurance products designed to protect small and medium enterprises (SMEs) investing in renewable energy.
The partnership introduces a comprehensive suite of Renewable Energy Insurance products – covering solar panels and inverters against theft and damage, as well as full logistics and delivery protection – eliminating the financial risks that have historically deterred Nigerian businesses from transitioning to clean energy. All products will be seamlessly integrated into Rivy’s financing and procurement platforms.
THE PROTECTION GAP HOLDING BACK NIGERIA’S ENERGY TRANSITION
Nigeria faces one of the world’s most severe energy deficits. Over 85 million Nigerians lack access to reliable electricity, and SMEs – which account for more than 80% of the country’s employment – lose an estimated 10-20% of annual revenue to unreliable power supply and expensive diesel generation. Following the Nigerian Electricity Regulatory Commission’s (NERC) 300% tariff increase for Band A customers in 2024, the economic case for solar adoption has never been stronger.
Solar energy has emerged as the most cost-effective alternative. Research shows that SMEs adopting solar energy can reduce their monthly energy expenditure by up to 37% and increase monthly earnings by 24-27%. The Nigerian off-grid solar market is projected to reach $9.2 billion by 2030, and Nigeria’s solar capacity has grown from just 11 MW in 2015 to 144 MW in 2025, according to IRENA.
However, a critical barrier remains: solar installations represent a significant capital investment for most SMEs, often ranging from ₦500,000 to ₦5 million, yet these assets have been largely uninsurable through traditional channels. Theft, accidental damage, and delivery losses expose business owners to devastating financial risk, discouraging adoption at scale.
Insurance is the missing infrastructure layer. According to the Swiss Re Institute, global renewable energy premiums could reach $237 billion by 2035, yet renewable energy insurance currently represents less than 30% of the fossil fuel insurance market. In Nigeria, this gap is even wider – making Casava’s move into clean energy insurance a market-defining first.
The Casava-Rivy partnership directly addresses this gap.
A NEW CATEGORY: GREEN INSURANCE FOR AFRICA
Under the partnership, Casava will provide two core insurance products integrated into Rivy’s solar financing platform:
Solar Asset Protection – Comprehensive coverage for solar panels and inverters against theft, vandalism, and accidental damage, ensuring that SMEs’ renewable energy investments are fully protected from the moment of installation.
Logistics and Delivery Insurance – End-to-end coverage for solar equipment during transit and delivery, protecting against loss, damage, or theft before installation – a critical and historically unaddressed risk point in the Nigerian solar value chain.
All products are designed with Casava’s signature digital-first, affordable approach – with seamless enrollment, instant policy issuance, and rapid claims processing accessible entirely via mobile. Insurance protection will be embedded directly into Rivy’s financing workflows, meaning SMEs can secure both financing and insurance coverage in a single, frictionless experience.
Bode Pedro, Founder, Casava said: “This partnership represents more than an insurance product launch – it is Casava’s declaration that insurance must be a foundational pillar of Africa’s climate transition. For too long, the conversation around renewable energy adoption has focused on financing and technology while ignoring the protection layer that makes these investments sustainable.
“Today, we are introducing Clean Energy Insurance as a category – purpose-built products that de-risks clean energy investments and gives Nigerian businesses the confidence to make the switch. With Nigeria’s Insurance Industry Reform Act unlocking unprecedented opportunities for digital insurers and the market projected to grow from ₦2.2 trillion to ₦8 trillion by 2030, Casava is positioning itself at the intersection of two of Africa’s most important growth stories: insurance and clean energy.
“At Casava, we believe that when you protect people’s investments in a better future, you accelerate that future. This is core to our ESG commitment and our vision of making insurance a force for climate resilience across the continent.”
Dami Olawoye, CEO, Rivy added: “Since pivoting to clean energy financing, Rivy has onboarded over 500 solar installers and vendors on its financing platform. This has enabled these installers and their end-users access financing to procure clean energy equipment.
Through this partnership with Casava, every SME that finances solar through Rivy now has the assurance that their equipment is protected – from the moment equipment leaves the warehouse till the financing is fully repaid.
DRIVING ESG AND CLIMATE GOALS
The partnership positions Casava as one of the first insurers on the African continent to make a direct, product-level commitment to supporting Environmental, Social, and Governance (ESG) objectives through dedicated clean energy insurance offerings. With the International Energy Agency (IEA) forecasting that global renewable capacity will double between 2025 and 2030, and the World Economic Forum calling for insurers to proactively underwrite innovative low-carbon energy projects, the Casava-Rivy partnership places both companies at the forefront of a global movement.
By embedding insurance protection directly into the renewable energy value chain, the partnership aims to:
Accelerate SME solar adoption by removing investment risk as a barrier to clean energy transition.
Protect renewable energy assets worth billions of naira across Nigeria’s rapidly growing off-grid solar market
Contribute to Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement, which target a 47% reduction in greenhouse gas emissions by 2030
Pioneer parametric and data-driven insurance models for renewable energy, leveraging IoT sensors and real-time monitoring to shift insurance from reactive claims settlement to proactive risk prevention
Create a replicable model for green insurance across other renewable energy sectors and African markets, with plans to expand coverage to battery storage systems and energy-efficient equipment
FUTURE VISION: INSURANCE AS CLIMATE INFRASTRUCTURE
Casava and Rivy envision this partnership as the foundation for a broader clean energy insurance ecosystem in Africa. Future product development will explore parametric insurance solutions that automatically trigger payouts based on measurable weather events, performance guarantee insurance that protects expected solar energy output, and integration with carbon finance markets to create additional value for insured solar asset owners.
As Nigeria implements its Insurance Industry Reform Act – which requires a fivefold increase in insurer capitalization by July 2026 and expands mandatory coverage categories – digital-first insurers like Casava are uniquely positioned to capture the massive growth opportunity at the intersection of insurtech and clean energy.
