By David Akinmola
Nigeria could lose as much as $460 billion (N682.18 trillion) by 2050 to the devastating effects of climate change, according to new projections of the Intergovernmental Panel on Climate Change (IPCC) Report.
As such, this has underscored the urgency of discussions as the Insurance Industry prepares to host over 250 insurance delegates for the 2025 West Africa Insurance Companies Association (WAICA) Education Conference in Lagos.
The four-day forum, scheduled for October 12-15 in Lagos, will focus on the theme,”The West African Insurers in faces of Climate Change.” Delegates from Nigeria, Ghana, Sierra-Leone, Liberia, and The Gambia are expected to deliberate on how the insurance industry can help buffer the region against mounting economic shocks.
In recent years, Nigeria has suffered crippling losses from climate-related disasters. The 2022 floods displaced more than two million people, destroyed over 110,000 hectares of farmland, and damaged nearly 200,000 homes.
Agriculture, which contributes a quarter of the nation’s GDP, remains particularly vulnerable, while overall growth is increasingly threatened by rising climate costs.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, will deliver the keynote address, while the Commissioner for Insurance, Olusegun Omoshin, will serve as Chief Host. Other speakers include top regulators and industry leaders from across the sub-region.
Organizers say the Lagos conference will go beyond networking to chart actionable strategies for innovative insurance products, stronger risk management, and regional collaboration. As one industry leaders put it, “If Lagos sneezes from climate shocks; the whole of Nigeria catches a cold. Insurance must now become the first responder to protect our economy.”
Addressing newsmen in Lagos, at a media briefing at the weekend, the Chairperson of Local Organizing Committee and Chief Executive Officer of Rex Insurance Limited, Ebelechukwu Nwachukwu, said flooding, agriculture, and other risk emanating from climate change have caused more harm in the West Africa sub-region, impacting heavily in people’s lives, hence the need for insurers and leaders to work in synergy to safeguard economies and communities from the escalating risk of climate-related disasters.
According to her; it is high time every individual, bt especially leaders, took insurance very seriously, particularly at a time like this when things are falling apart following disruptions across the nooks and crannies of human endeavors.
“Climate risks are impacting economies in the sub-region. Risks associated with climate change are obvious.
People need to know how the insurance sector is positioning itself to provide cover for them relating to risk exposure climate from climate change.”
“The conference will provide a strategic platform for deliberations on the impact of climate change on the insurance industry, as well as actionable strategies to safeguard the future of insurance education and practice.
Also speaking at the briefing, Deputy Chairperson of the Local Committee of the Conference, Dr. Ebose Augustine Osegha, stressed that for insurers, the insurance challenges translate into rising claims, increased risk exposures, and the urgent need for innovative products and risk management strategies.
“African insurers not only strengthen their collective preparedness but also position themselves to engage competitively with their global counterparts in shaping sustainable insurance practices and climate resilience solutions”
