Mr. Olusegun Omosehin, the Commissioner for Insurance, National Insurance Commission (NAICOM) has said that a total of 1.3 million Nigerians were displaced in 2024 due to flooding out of 7.5 million displaced persons across 16 West African countries.
He spoke yesterday at the ongoing 2025 WAICA Conference holding at the Eko Hotels and Suites Lagos. The theme of this year’s conference is, “The West African Insurer in the Face of Climate Change”.
Omosehin disclosed that in 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged—threatening food security and economic stability.
Describing the evidence as sobering, he stated that the figures are not just statistics; they are stories of disruption, loss, and delayed development across the continent.
Yet, he said, within this crisis lies an opportunity to redefine the role of insurance as a force for resilience and sustainable development.
Read also: NDDC, others push for climate change awareness in N’Delta
He however said that the Federal Government of Nigeria has responded decisively through the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
This landmark legislation according to him, modernizes their regulatory framework, enhances consumer protection, and reinforces the financial resilience of insurers.
Emphasising on the key provisions of NIIRA 2025 include, he said it provides a stronger capital base for operators; expands compulsory insurance classes, including agriculture and environmental risks; deeper integration of insurance into public-private partnerships for infrastructure and climate resilience; and strengthens public confidence in the insurance industry.
The commissioner called on West African Insurers across WAICA member states, reinsurers, and industry leaders to innovate boldly, developing parametric and microinsurance products tailored to the region’s climate realities; Invest in data and technology to improve climate modelling, risk assessment.
Story was adapted from the Nation.
