Nigeria's insurance regulator, the National Insurance Commission (NAICOM), has urged West African countries to strengthen financial instruments and deepen regional collaboration to address escalating climate change risks.
Mr Olusegun Omosehin, Commissioner for Insurance and NAICOM CEO, made the call during the 2025 West Africa Insurance Companies Association (WAICA) Education Conference held in Lagos on 14 October, reported News Agency of Nigeria. The theme of the conference is “The West African Insurer in the Face of Climate Change”.
According to him, addressing climate-related risks requires a unified regional approach that combines sound regulation, market innovation and strategic partnerships among regulators, operators and development institutions. Giving an example of the impact of climate change risks in the region, he said, “In 2024, flooding affected over 7.5m people across 16 West African countries. Nigeria alone accounted for 1.3m displaced persons.”
Insurance must be integrated into national planning
Mr Omosehin said that traditional budgetary measures were no longer sufficient to address the magnitude of climate-induced challenges facing the region. He said that insurance must be integrated into national planning as a critical tool for managing climate risks and ensuring economic resilience.
He also said, “We must innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities.”
Mr Omosehin also emphasised the need for greater investment in data and technology to enhance climate modelling, risk assessment and product delivery.
He said, “We must collaborate across borders, pooling risks and resources to build regional resilience.”
Rising above profit-making
“Insurance must evolve from a transactional service to a strategic enabler of development,” he added. “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. This is one of those moments.”