NAICOM Calls on Insurers to Lead Climate Resilience Efforts
By Patience Ikpeme
The West African insurance industry has been called upon to take a leading role in combating the growing risks posed by climate change, highlighting the need for insurers to expand beyond conventional offerings and emerge as crucial champions of resilience, fairness, and sustainable growth across the region.
This call was made by Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), during the West African Insurance Companies Association (WAICA ) 2025 Education Conference held at Eko Hotels and Suites, on Monday, in Lagos.
The conference theme, “The West African Insurer in the Face of Climate Change,” underscored climate change as a macroeconomic threat that is destabilizing economies and communities in West Africa.
Omosehin detailed recent devastating floods that displaced millions across the region, including over 1.3 million in Nigeria alone in 2024, highlighting the urgent need for innovative insurance-driven climate risk management solutions.
He also spotlighted the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a transformative legal framework designed to strengthen the sector’s financial resilience and expand compulsory insurance coverage, particularly for agriculture and environmental risks.
“These reforms are foundational to our national preparedness and long-term sustainability,” he said.The Commissioner made an emphatic call to West African insurers to innovate boldly through parametric and microinsurance products tailored to regional risks, invest in data and technology, collaborate across borders, and expand inclusion to vulnerable economic groups such as farmers and artisans. “Insurance must evolve from a transactional service to a strategic enabler of development,”
Omosehin stressed.NAICOM’s commitment to fostering cooperation among insurers, regulators, and development partners was also reiterated as essential to building climate resilience regionally.
Omosehin quoting the African proverb, “Rain does not fall only on one roof,” underscoring shared risk and the need for unity against climate change. It marks a key moment for West African insurers to lead in climate resilience and sustainable development, highlighting both opportunities and duties for the industry.
