Rex Insurance CEO says climate change demands new insurance strategies
Ebelechukwu Nwachukwu, CEO of Rex Insurance, highlights how climate change is creating new risks for Nigeria’s insurance industry. She explains that the sector is adapting by updating products, processes, and compliance in response to evolving threats like floods and heatwaves. Ebelechukwu Nwachukwu also discusses the impact of recent regulations and the importance of technology in reaching more Nigerians. She emphasizes the need for greater awareness and simpler insurance products to improve industry penetration.
TLDR
- Ebelechukwu Nwachukwu says climate change is driving the insurance industry to reassess risk and develop new products, especially for agriculture and climate-related losses.
- The Nigerian Insurance Industry Reform Act 2025 (NIIRA) is seen as a game-changer, prompting Rex Insurance to upgrade compliance and operational standards.
- Technology adoption, including digital platforms, is making insurance more accessible and appealing to younger and underserved Nigerians.
- Industry growth is supported by increased economic activity, regulatory changes, improved claims processing, and heightened public awareness.
- There is a growing focus on addressing emerging risks, such as those from climate change and AI, with ongoing efforts to simplify insurance and boost consumer trust.
