AXA Mansard Urges Nigerian Businesses to Embrace Sustainable Models Amid Rising Climate Threats
Nigeria’s premier insurance provider, AXA Mansard, has called on local and corporate entities to adopt sustainable business practices as a strategic response to escalating climate risks.
During the inaugural AXA Mansard Sustainability Symposium in Lagos, CEO Kunle Ahmed emphasized the importance of transitioning from merely managing risks to building resilience by integrating environmental and social sustainability into core business operations.
The appeal comes at a time when West Africa faces severe climate challenges. According to the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA), about 6.9 million people across West and Central Africa were affected by heavy rains and flooding in 2024, with Nigeria accounting for around 1.3 million of those impacted. Lagos, in particular, continues to grapple with annual flooding that hampers daily life and economic activities. “These figures are more than statistics; they represent families, communities, and businesses. Climate risk is fundamentally a business risk,” Ahmed stated.
Demonstrating its commitment, AXA Mansard revealed that it has evaluated over ₦14.5 billion worth of assets for climate-related vulnerabilities over the past three years. The company also reported significant reductions in emissions—petrol-related emissions by 46%, electricity-related by 34%, diesel emissions by 12%, and water consumption by 39%. Additionally, employees contributed over 30,000 volunteer hours, positively impacting more than 10,000 lives. “Sustainability is not just a catchphrase; it’s the foundation of our ongoing service to Nigeria,” Ahmed affirmed.
The insurer is pioneering innovative solutions to help communities withstand climate shocks. In partnership with the Insurance Development Forum, UNDP, AXA Climate, and Swiss Re, AXA Mansard developed a satellite-triggered parametric flood insurance product for Lagos State. This plan offers rapid payouts—covering up to US$7.5 million and protecting up to four million residents—during catastrophic flooding events. “This initiative highlights how insurance can bridge protection gaps and bolster community resilience,” Ahmed explained.
He further urged Nigerian businesses to see sustainability as a strategic advantage rather than an expense. Referencing the AXA Future Risks Report 2025, which ranks climate change among the top three global threats to enterprises, Ahmed emphasized that adopting sustainable practices can reduce operational risks, safeguard cash flows, unlock new markets, and attract investment. “Doing the right thing is also good business,” he said.
Ahmed reaffirmed AXA Mansard’s dedication to collaborating with clients to foster a low-carbon, inclusive economy. “Nigeria has immense potential to develop a green economy. With your partnership and our expertise, we can turn risks into resilience and create shared value for all,” he concluded.