The Commissioner for Insurance, Federal Republic of Nigeria, Mr. Olusegun Ayo Omosehin, has issued a clarion call for West African insurers to rise as catalysts of climate resilience, financial stability, and sustainable development in the face of growing climate-induced challenges confronting the region.
Delivering his keynote address at the 2025 West African Insurance Companies Association (WAICA) Conference held in Lagos, Nigeria’s bustling commercial hub, Omosehin declared that the time had come for the insurance profession to “stretch beyond profit and policy to become a pillar of resilience, equity, and transformation.”
The conference, themed “The West African Insurer in the Face of Climate Change,” drew distinguished delegates from across the subregion, including government officials, regulators, and industry leaders. Among them were Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance (represented by the Director of Home Finance, Federal Ministry of Finance), the Immediate Past Deputy Minister of Finance, Sierra Leone, Mr. Bockarie Kalokoh, and Dr. Abiba Zakariah, Commissioner of Insurance, Ghana.
Insurance as a Tool for Climate Resilience
Omosehin’s remarks underscored the growing urgency of climate adaptation in West Africa, where extreme weather events continue to wreak havoc on lives, livelihoods, and national economies.
He cited alarming data showing that over 7.5 million people were affected by flooding across 16 West African countries in 2024, with Nigeria alone accounting for 1.3 million displaced persons. The trend continued into 2025, displacing 33,000 Nigerians, destroying 3,800 homes, and submerging 5,300 hectares of farmland—a development that has further strained food security and economic stability.
“These are not mere statistics; they are human stories of disruption, loss, and delayed development,” Omosehin said. “Yet, within this crisis lies an opportunity—an opportunity to redefine the role of insurance as a force for resilience and sustainable development.”
Nigeria’s Landmark Insurance Reform: NIIRA 2025
Highlighting Nigeria’s progressive strides, Omosehin described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a game-changing legislation designed to modernize the regulatory environment and strengthen the financial resilience of insurance operators.
According to him, NIIRA 2025 represents a major step forward in aligning Nigeria’s insurance sector with global best practices. The reform framework provides for:
- A stronger capital base for insurance operators to enhance solvency and consumer protection;
- Expansion of compulsory insurance classes, notably in agriculture and environmental risk management;
- Deeper integration of insurance into public-private partnerships (PPPs) to strengthen infrastructure and climate resilience;
- Renewed public confidence through enhanced regulatory oversight and consumer-centric policies.
“These reforms are not merely administrative—they are the backbone of Nigeria’s long-term sustainability and economic preparedness,” Omosehin asserted.
Bridging Africa’s Climate Finance Gap
Omosehin noted that Nigeria, like many African nations, faces a widening climate finance gap, and traditional fiscal interventions are no longer adequate. He urged governments and private sector stakeholders to embrace risk transfer mechanisms, such as insurance and reinsurance, as critical instruments in climate adaptation and disaster management.
“When integrated into national planning, insurance becomes one of the most effective tools for climate risk management and economic resilience,” he said, emphasizing the need for anticipatory financing instead of reactive responses.
A Call to Action for West African Insurers
Omosehin challenged industry leaders across the WAICA member states to act boldly and reposition insurance as a strategic enabler of development rather than a mere transactional service.
He called on insurers to:
- Innovate continuously, creating parametric and microinsurance products that respond to local climate realities;
- Leverage data and technology for improved risk assessment and claims efficiency;
- Deepen cross-border collaboration to strengthen regional risk pooling and knowledge sharing;
- Promote inclusion by extending insurance coverage to farmers, traders, artisans, and micro-entrepreneurs who are most vulnerable to shocks;
- Invest in human capital development to prepare a new generation of insurance professionals equipped to manage emerging risks.
“The future of our industry lies in our collective ability to innovate, collaborate, and ensure that insurance becomes an instrument of empowerment for every citizen,” he said.
NAICOM’s Commitment to Regional Cooperation
Reaffirming the commitment of the National Insurance Commission (NAICOM), Omosehin assured stakeholders that the Nigerian regulator would continue to foster collaboration between operators, policymakers, and development partners to accelerate climate risk management efforts.
He emphasized that regional cooperation remains key, as climate change knows no borders.
“As the African proverb says, ‘Rain does not fall only on one roof.’ Its wisdom reminds us that our vulnerability is shared—and so must our solutions be,” he stated.
Lagos as the Beacon of Opportunity
Omosehin concluded by welcoming delegates to Lagos, describing the city as “the commercial heartbeat of Africa” and a fitting venue for a conversation that would shape the continent’s insurance future.
“This conference must serve as a turning point—one that repositions insurance as central to Africa’s climate response and sustainable development goals,” he said. “Together, we can transform risk into resilience and challenge into opportunity.”
Long live WAICA. May God bless the Federal Republic of Nigeria.
At the 2025 WAICA Conference in Lagos, Nigeria’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged West African insurers to take the lead in driving climate resilience, unveiling the groundbreaking NIIRA 2025 reform that strengthens Nigeria’s insurance framework and promotes regional cooperation for sustainable growth.
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