NAICOM boss Urges WAICA Member States to pool Resources, Risks to Build Regional Resilience
Member States of the West African Insurance Companies Association (WAICA) have been urged to adopt synergy in pooling risks and resources to build regional resilience in the West African Insurance Space.
Nigeria’s Insurance Regulator boss, Mr Olusegun Ayo Omosehin disclosed this at the ongoing 2025 WAICA conference holding in Lagos, Nigeria.
“To my colleagues across WAICA member states—insurers, reinsurers, and industry leaders—this is a call to action”, he said.
The theme of this year’s conference is “The West African Insurer in the Face of Climate Change,”
He called on members States to innovate boldly, developing parametric and microinsurance products tailored to the region’s climate realities, apart from
investing in data and technology to improve climate modelling, risk assessment, and product delivery.
He noted that there was need to expand inclusion, ensuring insurance reaches farmers, market women, artisans, and micro-entrepreneurs, which he said is “the backbone of our economies”.
Omosehin believed that apart from prioritizing capacity building, investing in the next generation of insurance professionals, Insurance must evolve from a transactional service to a strategic enabler of development.
He said “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”
According to him, the evidence is sobering adding that 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.
Omosehin posited that “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”.
He said “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.
He said the 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.”
He added hat 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.
