The National Insurance Commission (NAICOM) has urged on West African insurers to spearhead the building of regional resilience through innovation, policy reform, and cross-border collaboration, as climate change continues to threaten economic stability across the continent.
Speaking at the ongoing 2025 West African Insurance Companies Association (WAICA) Conference in Lagos, yesterday, the Commissioner for Insurance, Olusegun Omosehin, described climate change as “a macroeconomic threat” that is reshaping fiscal priorities and testing the strength of national economies.
He said the insurance sector must evolve from its traditional transactional role to become a strategic driver of sustainable development and economic recovery.
“There are moments in history when a profession must rise beyond its traditional boundaries when its purpose must stretch beyond profit and policy to become a pillar of resilience, equity, and transformation,” he stated.
The conference, themed “The West African Insurer in the Face of Climate Change,” brought together regulators, insurers, reinsurers, and policymakers from across the sub-region, including representatives from Ghana, Sierra Leone, and Nigeria’s Federal Ministry of Finance.
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Highlighting Nigeria’s policy response, Omosehin unveiled key provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a landmark legislation that modernises the nation’s insurance framework and positions it for climate-era realities.
According to him, the NIIRA 2025 strengthens operators’ capital base, expands compulsory insurance classes to cover agriculture and environmental risks, integrates insurance into infrastructure and climate-resilience projects, and enhances consumer protection. He noted that these reforms are foundational to Nigeria’s national preparedness and long-term sustainability, reflecting the Federal Government’s commitment to a more robust, transparent, and development-driven insurance sector.
Omosehin emphasised that Nigeria, like many African nations, faces a widening climate finance gap, warning that traditional budgetary responses are no longer sufficient.
In his address to fellow WAICA member states, the NAICOM boss called for greater cross-border collaboration among insurers and reinsurers, stressing the need to pool resources, share data, and design products suited to Africa’s climate and socioeconomic realities.
He urged operators to innovate boldly by developing parametric and microinsurance products, investing in climate data and digital technology, expanding inclusion to reach farmers and small-scale entrepreneurs, building professional capacity, and promoting regional cooperation to strengthen collective resilience.
Story was adapted from The Guardian.
