Nigeria could lose as much as $460 billion by 2050 to the devastating effects of climate change, according to new projections of the Intergovernmental Panel on Climate Change (IPCC) Report.

This has underscored the urgency of discussing the impact of the crisis on risk management. In response, Nigeria is to host over 250 insurance delegates for the 2025 West Africa Insurance Companies Association (WAICA) Education Conference in Lagos, where the issues will be discussed.

The four-day forum, scheduled for October 12 to 15 in Lagos, will focus on ‘The West African Insurers in the Face of Climate Change’. Delegates from Nigeria, Ghana, Sierra-Leone, Liberia, and The Gambia are expected to deliberate on how the insurance industry can help to provide a buffer for the region against mounting economic shocks.

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 the chief host.

Other speakers include top regulators and industry leaders from across the sub-region.
Organisers said the Lagos conference will go beyond networking to chart actionable strategies for innovative insurance products, stronger risk management and regional collaboration.

Addressing journalists in Lagos at a media briefing at the weekend, the Chairperson of Local Organising Committee and Chief Executive Officer of Rex Insurance Limited, Ebelechukwu Nwachukwu, said flooding, agriculture and other risk emanating from climate change have caused much harm in the West Africa sub-region, impacting heavily on 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.