Lagos: National Insurance Commission (NAICOM) has urged West African countries to strengthen financial instruments and deepen regional collaboration to address the escalating risks that climate change poses to the subregion’s economies and insurance industry. Mr. Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call during the 2025 West Africa Insurance Companies Association (WAICA) Education Conference held in Lagos on Monday.
According to News Agency of Nigeria, the theme for the conference is ‘The West African Insurer in the Face of Climate Change’. Omosehin stated that traditional budgetary measures were no longer sufficient to address the magnitude of climate-induced challenges facing the region. He emphasized that insurance must be integrated into national planning as a critical tool for managing climate risks and ensuring economic resilience.
Omosehin highlighted the significant climate finance gap facing Nigeria and similar African nations, asserting that traditional budgetary responses are inadequate. He stressed the need to strengthen financial instruments that anticipate shocks rather than merely react to them. He advocated for insurance to be incorporated into national planning as an effective tool for climate risk management and economic resilience.
The NAICOM chief called on insurers, reinsurers, and regulators across West Africa to adopt bold innovations and deepen regional cooperation in developing products and systems that address the realities of climate change in the sub-region. He urged industry leaders to innovate boldly by developing parametric and microinsurance products tailored to the region’s climate realities.
Omosehin also emphasized the necessity for greater investment in data and technology to enhance climate modeling, risk assessment, and product delivery. He called for cross-border collaboration to pool risks and resources, thereby building regional resilience. Furthermore, he highlighted the importance of expanding inclusion to ensure insurance reaches farmers, market women, artisans, and micro-entrepreneurs who form the backbone of West African economies.
He stated that insurance should transition from being a transactional service to a strategic enabler of sustainable development, driven by capacity building and public confidence. Omosehin noted significant steps taken by the Federal Government to strengthen the sector through the Nigeria Insurance Industry Reform Act (NIRA) 2025, which modernized the regulatory framework and reinforced the financial resilience of insurers.
The Act introduced stronger capital requirements, expanded compulsory insurance classes to cover agricultural and environmental risks, and promoted deeper integration of insurance in public-private partnerships for infrastructure and climate resilience. Omosehin argued that these reforms are foundational to national preparedness and long-term sustainability.
He advocated for a unified regional approach to address climate-related risks, combining sound regulation, market innovation, and strategic partnerships among regulators, operators, and development institutions. He underscored the collective nature of climate change impacts, urging for solutions rooted in regional cooperation and resilience.
Earlier in the conference, Mrs. Ebelechukwu Nwachukwu, Chairperson of the Local Organising Committee (LOC) for WAICA Education Conference, acknowledged that climate change was no longer a future concern but a current test of the industry’s resilience. She urged participants to work toward adapting, innovating, and leading in business solutions to mitigate climate risks.
Additionally, Mr. Solomon Sesay, President of WAICA, commended the Minister of State for Finance, Dr. Doris Uzoka-Anite, for her unwavering support for the insurance industry over the years. Sesay also praised the Commissioner for Insurance, describing Omosehin as an inspirational figure for WAICA. He expressed optimism that insurance practitioners would leverage the WAICA engagement to reshape the industry.