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While the African insurance industry still struggles to shake off a legacy of distrust, accentuated by undelivered promises and outdated laws, the National Insurance Commission (NAICOM), the regulatory body of Nigeria’s Insurance landscape has called on all insurance companies in West Africa to prioritize capacity building, and invest in the next generation of insurance professionals.
The Commissioner for Insurance, Nigeria, Mr. Olusegun Ayo Omosehin, gave this charge in an address, during the 2025 West African Insurance Companies Association (WAICA), said with fresh reforms and stronger regulation sweeping across the region, hopes are rising that the sector may yet reclaim its place as a pillar of any economy.
The Commissioner explained that, 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, one of such moments was the WAICA 2025.
Omosehin reminded underwriters in the region that they are not mere insurers, regulators, and industry leaders, but stewards of West Africa’s future.
With the theme, “The West African Insurer in the Face of Climate Change,” he encouraged them to rewrite the ugly narrative of the subjugated sector, through 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.
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” Highlighting the key provisions of NIIRA 2025, he expressed optimism the reforms therein, are not merely technical—but are foundational to Nigeria’s preparedness and long-term sustainability, hence the need for other countries in the region to up their games.
“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.
“To insurers, reinsurers, and industry leaders across WAICA member states, this is a call to action. We must innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities. We must invest in data and technology to improve climate modelling, risk assessment, and product delivery”
NAICOM Chief added that there is need for cross-border collaboration, risks and resource pool to build regional resilience. “We must ensure that insurance reaches farmers, market women, artisans, and micro-entrepreneurs, the backbone of our economies. Insurance must evolve from a transactional service to a strategic enabler of development.
“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, where insurance becomes central to our climate response and a driver of inclusive, sustainable development.
“(‘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” he charged.
