West Africa Insurers Address Climate Change Risks at Annual Conference

Insurers in West Africa are tackling the rising risks associated with climate change by implementing precautionary measures such as geo-coded parameters and pilot risk pricing. The impact of climate change on lives and properties has become a significant concern, leading to increased insurance claims due to natural disasters.

The West Africa Insurance Companies Association (WAICA) convenes an annual educational conference to address the effects of climate change on the insurance industry in the region. During the conference, Wole Oshin, the Group Managing Director of Custodian Group, highlighted the challenges posed by climate change-related risks to the insurance business, emphasizing the need for innovative solutions to manage these evolving threats.