REMARKS BY THE COMMISSIONER FOR INSURANCE, FEDERAL REPUBLIC OF NIGERIA, MR. OLUSEGUN AYO OMOSEHIN, AT THE 2025 WAICA CONFERENCE IN LAGOS, NIGERIA

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.

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
Prioritise 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.

By Sola Alabadan

AIICO Insurance Plc has counselled media professionals to embrace regular medical checkups in order to remain healthy at all times and to ensure early detection and management of potential health issues.

Dr. Ademola Osokoya, Assistant Manager at AIICO Multishield Limited, who gave this advice during a training organised by AIICO Insurance Plc for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) recently in Lagos, emphasised the importance of routine health assessments.

“Regular medical checks help individuals understand their health status, which is crucial for timely intervention and effective management of any health condition,” Dr. Osokoya stated.

He encouraged journalists and other professionals to leverage available health insurance options to access quality healthcare services.

Introducing the AIICO Multishield Health Insurance Plan, Dr. Osokoya described it as a comprehensive and accessible solution tailored to meet the diverse healthcare needs of individuals, families, small businesses, and corporate organisations.

He said the Multishield Plan offers flexible coverage tiers that include in-patient and out-patient services, specialist consultations, diagnostic tests, maternity care, and emergency treatment, all at affordable premiums.

He noted that a standout feature of the plan is its broad network of accredited healthcare providers across Nigeria, enabling enrollees to access top-quality medical facilities nationwide.

In line with efforts to expand healthcare access for Nigerians, he added that AIICO has extended the plan’s benefits to informal sector workers and undeserved members of the populace.

“By collaborating with cooperatives, trade unions, and grassroots organizations, the company is contributing to the national push for Universal Health Coverage and supporting more Nigerians in securing reliable healthcare.

“Technology plays a central role in the Multishield offering, with digital platforms enabling seamless enrollment, claims tracking, and policy management. This integration enhances customer experience by providing transparency, reducing administrative delays, and building trust.

The Multishield Plan is fully compliant with the standards set by the National Health Insurance Authority (NHIA), underscoring AIICO’s commitment to regulatory standards, service excellence, and integrity. Beyond medical coverage, the plan aims to deliver peace of mind by shielding individuals and families from the financial impact of unforeseen health emergencies.

With this initiative, AIICO Insurance Plc reinforces its dedication to improving healthcare accessibility and affordability for all Nigerians, while encouraging professionals—especially in the media—to take charge of their health through preventive care and insurance coverage.

Parthian Pensions Limited said it would be focusing on the micro pension market to gain fresh Retirement Savings Account (RSA) holders into its customer base.

The newly approved Pension Fund Administrator (PFA) also advocated increase in financial literacy to enhance and deepen adoption of pension scheme in the country.

Speaking at the 10th National Conference of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, the Head of Operations, Parthian Pensions Limited, Mr. Adetunbi Ashaye called on stakeholders in Nigeria’s pension sector to educate Nigerians on the importance of subscribing to the Contributory Pension Scheme (CPS).

While highlighting some of the developments in the industry that demonstrate its potential for growth, he said, people that are clamouring to exit the scheme have forgotten that it was because of the past bad experiences that the new scheme came on board.

“This is because the previous pension system was unfunded. Now that it is funded through the contributions of the employees and the employers, it is highly regulated.

“What really needs to happen is the need to drive financial literacy because people in Nigeria see pension as insignificant, something that is not important,” he advised.

“The impact of the scheme to the economy is ensuring that people have good retirement; people have good life after they have stopped working. In other words, what we need to do in the industry as operators is to ensure financial literacy. We need to let people know what is going on and why they should continually support the contributory pension scheme,” he added.

While pointing out that most Nigerians see insurance and pensions as unnecessary, he noted that, “their concern is that, if they cannot provide for their immediate needs, which is food, shelter and clothing, why should they save? And it still boils down to a Micro Pension Plan.

“What should be happening in the industry now is to simplify, digitise micro pension plans, and ensure diversification in different ways so that we can reach out to everybody.”

With pension assets projected to reach N29 trillion at the end of the year, he said, “the pension industry performance in the first quarter, 2025 shows N79 billion was paid for Programme Withdrawal and N54 billion for Annuity.

“There is also the certification of asset classifications, and what we need is transparency, which is what PenCom is doing, people are looking and seeing how the funds are growing.”

Meanwhile, he said, his PFA will leverage on the opportunities provided by micro pension plan to enrich its customer base and bring more people who are not currently covered under the regular scheme into the pension safety net.

“Though, we are one of the late entrants into the industry, that doesn’t mean that we don’t have what it takes to excel.

“So, we are technology driven as we leverage technology for effective service delivery to our contributors. This is effective and it’s going to drive people and companies towards us.

“In another instance, we are going to flood micro pension space which still remains untapped. About 70 to 80 million people are in that space.

“So, we are not just coming into the business, to cannibalise RSA holders, we are coming to bring on board new RSAs and chart a new course,” he assured.

Saying its prospective contributors should expect simplicity, and less complexity in onboarding, he added that, “they can onboard from the comfort of their homes. We care about you (our customers) and we will always check on you. There is human face to every service we render. We will drive towards financial literacy. We are the pensions managers of choice, trust and we will get that actualised.”