Minister tasks insurance operators on climate change impact

By Rosemary Iwunze

Minister of State for Finance, Dr. Doris Uzoka-Anite, has called connected the security manufacture to instrumentality a cardinal relation successful mitigating the economical interaction of clime change, informing that African economies are losing billions of dollars annually to climate-related disasters.

 This is conscionable arsenic the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin urged insurers and reinsurers crossed West Africa to innovate boldly, put successful clime information and technology, and grow microinsurance to scope the informal sector.

  Speaking astatine the West African Insurance Companies Association (WAICA) Educational Conference ongoing successful Lagos, yesterday, Uzoka-Anite who was represented by Dr Ali Mohammed, Director Home Finance, Federal Ministry of Finance said clime alteration should nary longer beryllium treated arsenic simply an biology interest but arsenic a fiscal exigency threatening nationalist budgets and economical stability.

  She said: “Traditional budgets tin nary longer cope. We indispensable dainty clime alteration arsenic a fiscal imperative. That is wherefore Nigeria is advancing frameworks that harvester sovereign hazard insurance, determination disaster-risk pools, and public–private climate-finance mechanisms to guarantee fiscal stableness and accelerated response.”

  The curate explained that the Nigerian Insurance Industry Reform Act (NIIRA 2025) is simply a large measurement toward modernizing the assemblage and aligning it with the country’s economical diversification goals.

  According to her, the caller instrumentality strengthens the superior basal of operators, enhances user protection, and expands compulsory security sum to captious sectors specified arsenic agriculture, infrastructure, and biology hazard management.

The station Minister tasks security operators connected clime alteration impact appeared archetypal connected Vanguard News.