The National Insurance Commission (NAICOM) has called on West African Insurers for a unified, collective response to the existential threat posed by climate change.

Commissioner for Insurance, Olusegun Ayo Omosehin, issued the appeal to West African insurers at the 2025 West African Insurance Companies Association (WAICA) Conference

Omosehin declared that the profession must rise beyond traditional boundaries to become a pillar of resilience and transformation.

The Commissioner pointed out the severe impact of climate events, describing the threat as macroeconomic, one that influences fiscal policy, national budgets, and the stability of financial systems across the region.

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He cited distressing statistics, noting that flooding in 2024 affected over 7.5 million people across 16 West African nations. Nigeria alone bore a significant burden, accounting for 1.3 million displaced persons in 2024, followed by the displacement of over 33,000 Nigerians in 2025, alongside the destruction of 3,800 homes and the submersion of 5,300 hectares of farmland, which directly threatens food security and economic stability.

Addressing the need for a decisive national framework, Mr. Omosehin confirmed that the Federal Government of Nigeria has responded through the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This landmark legislation modernizes the regulatory environment, enhances consumer protection, and reinforces the financial resilience of insurers.

He detailed key provisions of NIIRA 2025, which are foundational to Nigeria's national preparedness and long-term sustainability. These provisions include establishing a stronger capital base for operators; expansion of compulsory insurance classes to cover agriculture and environmental risks; deeper integration of insurance into public-private partnerships for infrastructure and climate resilience; and working to achieve strengthened public confidence in the insurance industry.

The Commissioner noted that, like many African nations, Nigeria faces a significant climate finance gap, making traditional budgetary reactions insufficient.

He stated that when integrated into national planning, insurance becomes one of the most effective tools for climate risk management and economic resilience. This crisis, he argued, presents a genuine opportunity to redefine the industry's role as a force for sustainable development.

He then called on his colleagues across WAICA member states, urging them to elevate the industry from a transactional service to a strategic enabler of development.

Specifically, he called for industry leaders to innovate boldly by developing parametric and micro insurance products tailored to the region's climate realities, invest in data and technology to improve climate modelling, risk assessment, and product delivery, collaborate across borders to pool risks and resources to build regional resilience, expand inclusion to ensure insurance reaches farmers, market women, artisans, and micro-entrepreneurs -- the backbone of our economies, and prioritize capacity building by investing in the next generation of insurance professionals.

Mr. Omosehin assured that the National Insurance Commission (NAICOM) is committed to enabling policies that foster collaboration between operators, regulators, and development partners.

He maintained that strengthening climate resilience across West Africa demands a unified approach that blends sound regulation, market innovation, and strategic partnerships, and that the response must be collective and rooted in regional cooperation and resilience.

The conference, he concluded, should mark a turning point where insurance becomes central to the climate response and a driver of inclusive, sustainable development.

NAICOM calls for 'collective' climate response