WAICA 2025: Insurers Urged To Drive Climate Resilience Across West Africa
The Federal Government has called on insurance companies across West Africa to develop regional risk mitigation products and strengthen data exchange systems to address the growing impact of climate-related risks in the subregion.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call at the ongoing 2025 West African Insurance Companies Association (WAICA) Education Conference held in Lagos.
Represented by the Director of Home Finance in the Federal Ministry of Finance, Dr. Ali Mohammed, the Minister emphasized that climate change should be viewed not only as an environmental challenge but also as a financial imperative.
“Africa already loses billions annually to climate-related disasters. Traditional budgets can no longer cope,” she stated. “Nigeria is, therefore, advancing frameworks that combine sovereign risk insurance, regional disaster-risk pools, and public–private climate-finance mechanisms to ensure rapid response and fiscal stability. These tools enhance preparedness and help prevent disruptions to essential development programmes.”
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, reaffirmed the National Insurance Commission’s (NAICOM) commitment to enabling policies that promote collaboration among operators, regulators, and development partners.
He stressed the importance of a unified approach to climate resilience—one that integrates sound regulation, market innovation, and strategic partnerships.
“The people and homes affected by climate change are not just statistics; they represent stories of disruption, loss, and delayed development,” he said. “However, within this crisis lies an opportunity to redefine the role of insurance as a catalyst for resilience and sustainable growth.”
In her remarks, the Chairperson of the Local Organising Committee (LOC) for the 2025 WAICA Education Conference, Mrs. Ebelechukwu Nwachukwu, noted that insurers in Nigeria and other West African countries have already developed several climate change-related insurance products to mitigate the effects of environmental challenges.
Nwachukwu, who is also the Managing Director/Chief Executive Officer of Rex Insurance Limited, expressed optimism that the conference would further inspire innovative policies and structures—particularly in addressing flooding and other natural disasters—while reinforcing the pivotal role of insurers in building climate resilience across West Africa.
