NAICOM Boss Urges Unified Approach To Climate Change Impacts In West Africa
By Sunday Etuka, Abuja
The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Ayo Omosehin, has stated that strengthening climate resilience across West Africa demands a unified approach—one that blends sound regulation, market innovation, and strategic partnerships.
Mr Omosehin spoke on Monday at the West African Insurance Companies Association (WAICA) Conference held in Lagos State.
He said the theme of this year’s conference, “The West African Insurer in the Face of Climate Change,” is more than a topic for discussion—it is a call to courage, innovation, and solidarity.
The NAICOM boss said the climate change has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of financial systems.
“The evidence is sobering. In 2024, flooding affected over 7.5 million people across 16 West African countries. Nigeria alone accounted for 1.3 million displaced persons.
“In 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged—threatening food security and economic stability.
“These are not just statistics—they are stories of disruption, loss, and delayed development. Yet, within this crisis lies an opportunity: to redefine the role of insurance as a force for resilience and sustainable development,” the Commissioner said.
He therefore, called on WAICA member states—insurers, reinsurers, and industry leaders to swing into action to turn the tide of climate change in the region.
“We must: Innovate boldly, Invest in data and technology, Collaborate across borders, Expand inclusion, and Prioritize capacity building,” he added.
Mr Omosehin said like many African nations, Nigeria faces a significant climate finance gap, noting that the traditional budgetary responses are no longer sufficient.
“We must strengthen financial instruments that allow us to anticipate shocks rather than merely react to them.
“When integrated into national planning, insurance becomes one of the most effective tools for climate risk management and economic resilience,” he submitted.
He said the Federal Government of Nigeria has responded decisively through the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a landmark legislation the modernizes the Commission’s regulatory framework, enhances consumer protection, and reinforces the financial resilience of insurers.
He listed the key provisions of NIIRA 2025 include: A stronger capital base for operators, Expansion of compulsory insurance classes, including agriculture and environmental risks, Deeper integration of insurance into public-private partnerships for infrastructure and climate resilience, Strengthened public confidence in the insurance industry.
According to him, these reforms are not merely technical—they are foundational to national preparedness and long-term sustainability.
Omosehin said as a regulator, the National Insurance Commission (NAICOM) is committed to enabling policies that foster collaboration between operators, regulators, and development partners.
