BY NGOZI ONYEAKUSI

Olusegun Omosehin, CFI

Over  7.5 million people across 16 West African countries were affected by flooding in 2024.

The Commissioner for Insurance, the National Insurance Commission NAICOM, Nigeria, Mr Olusegun Ayo Omosehin disclosed this in his remarks at the WAICA Education Conference in Lagos

According to him, “today, we gather not merely as insurers, regulators, and industry leaders, but as stewards of West Africa’s future. 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”

 

Read his full text of remarks

Protocol
• The Honourable Minister of State for Finance, Federal Republic of Nigeria, Dr. Doris Uzoka-Anite, CFA (represented by the Director, Home Finance, Federal Ministry of Finance)
• The Immediate Past Deputy Minister of Finance, Republic of Sierra Leone, Mr. Bockarie Kalokoh
• The Commissioner of Insurance, Ghana, Dr. Abiba Zakariah
• The President of WAICA, Mr. Solomon Sesay
• The President of the Chartered Insurance Institute of Nigeria (CIIN)
• Heads of Industry Associations: NIA, NCRIB, ILAN
• Chairman, Local Organising Committee
• Distinguished delegates from across the West African sub-region
• Captains of industry
• Members of the press
• Ladies and gentlemen

Opening
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.
Today, we gather not merely as insurers, regulators, and industry leaders, but as stewards of West Africa’s future. 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.
Climate change is rewriting the narrative of our region. It is testing the strength of our economies, the endurance of our communities, and the responsiveness of our institutions. It has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of our 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.

Strengthening Nigeria’s Insurance Framework
The Federal Government of Nigeria has responded decisively through the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This landmark legislation modernizes our regulatory framework, enhances consumer protection, and reinforces the financial resilience of insurers.
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
These reforms are not merely technical—they are foundational to our national preparedness and long-term sustainability.

Climate Finance and Risk Management
Like many African nations, Nigeria faces a significant climate finance gap. 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.

A Call to West African Insurers
To my colleagues across WAICA member states—insurers, reinsurers, and industry leaders—this is a call to action. We must:
• Innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities
• Invest in data and technology to improve climate modelling, risk assessment, and product delivery
• Collaborate across borders, pooling risks and resources to build regional resilience
• Expand inclusion, ensuring insurance reaches farmers, market women, artisans, and micro-entrepreneurs—the backbone of our economies
• Prioritize capacity building, investing in the next generation of insurance professionals
Insurance must evolve from a transactional service to a strategic enabler of development.

Closing
As a regulator, the National Insurance Commission (NAICOM) is committed to enabling policies that foster collaboration between operators, regulators, and development partners. Strengthening climate resilience across West Africa demands a unified approach—one that blends sound regulation, market innovation, and strategic partnerships.
Let this conference mark a turning point—where insurance becomes central to our climate response and a driver of inclusive, sustainable development.
As the African adage reminds us: “Rain does not fall only on one roof.”
This timeless wisdom speaks to our shared vulnerability, and our shared responsibility. Climate change does not respect borders. Its impacts are felt in every nation, every community, and every sector. Just as rain falls on many roofs, so too must our response be collective. We must build collective solutions rooted in regional cooperation, and resilience.

Thank you for your kind attention. Once again, I warmly welcome you to Lagos — the commercial heartbeat of our region and a city of boundless opportunity.
Long live WAICA.
May God bless the Federal Republic of Nigeria.

Olusegun Ayo Omosehin
Commissioner for Insurance
Federal Republic of Nigeria
October 13, 2025