FG urges W’African insurers to lead climate resilience drive, strengthen regional cooperation
Commissioner for Insurance, Mr. Olusegun Omosehin
Nike Popoola
The Federal Government has urged insurers across West Africa to take a leading role in promoting regional climate resilience and economic stability as the impact of climate change continues to intensify.
Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call while declaring open the 2025 West African Insurance Companies Association (WAICA) Education Conference at Eko Hotels and Suites, Lagos, on Monday.
The conference, themed “The West African Insurer in the Face of Climate Change,” brought together key stakeholders from the insurance industry, including regulators, practitioners, policymakers, and thought leaders from Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia.
Represented by the Director of Home Finance, Dr. Ali Mohammed, Uzoka-Anite emphasized the need for deeper regional collaboration to strengthen insurance responses to the growing threats of climate change.
She described climate change as not merely an environmental issue but a major economic and financial risk that exerts significant pressure on public finances and national budgets. According to her, insurance must play a central role in cushioning these shocks and safeguarding livelihoods across the region.
The minister also called on West African nations to develop regional risk-pooling mechanisms, enhance climate data sharing, and promote microinsurance and digital insurance solutions to expand coverage for vulnerable populations, especially in rural and low-income communities.
Also speaking, the Commissioner for Insurance, Mr. Olusegun Omosehin, described climate change as a serious macroeconomic threat reshaping the region’s fiscal and financial stability.
He noted that the increasing frequency of floods, droughts, and other natural disasters has led to significant economic losses, food insecurity, and human displacement across West Africa.
Highlighting Nigeria’s reform efforts, Omosehin said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 represents a landmark step toward strengthening the nation’s insurance framework. The Act enhances consumer protection, raises capital requirements, and expands compulsory insurance coverage to key sectors such as agriculture, infrastructure, and environmental risks.
Omosehin urged insurers across the sub-region to innovate by developing parametric and microinsurance products tailored to climate realities, investing in technology and data-driven risk modelling, and pooling regional resources to manage climate risks more effectively.
Reaffirming NAICOM’s commitment to sustainable development, he emphasized that collaboration among regulators, operators, and development partners remains essential to positioning insurance as a catalyst for inclusive growth and economic resilience across West Africa.
