In a direct appeal to the corporate sector, Nigeria’s leading insurer, AXA Mansard, has declared that integrating sustainability is no longer an optional CSR activity but a fundamental requirement for business survival and growth in a climate-vulnerable economy.
Speaking at the inaugural AXA Mansard Sustainability Symposium in Lagos, CEO Kunle Ahmed urged a strategic pivot from simply managing risks to actively building resilience. He grounded this call in stark data, citing UNOCHA figures that over 1.3 million Nigerians were affected by flooding in 2024 alone. “Climate risk is fundamentally a business risk,” Ahmed stated, framing environmental threats as direct threats to operational continuity and profitability.
The company backed its advocacy with demonstrable action and achievement. AXA Mansard revealed it has assessed over ₦14.5 billion in assets for climate vulnerabilities and has driven down its own operational footprint—cutting petrol emissions by 46%, electricity emissions by 34%, and water consumption by 39%. “Sustainability is not just a catchphrase; it’s the foundation of our ongoing service to Nigeria,” Ahmed affirmed.
A key innovation presented was a tangible financial product for climate adaptation: a satellite-triggered parametric flood insurance for Lagos State, developed with partners like the UNDP and Swiss Re. The product, offering rapid payouts of up to US$7.5 million, is designed to protect an estimated four million residents and exemplifies how insurance can directly bridge protection gaps.
Citing the AXA Future Risks Report 2025, which places climate change among the top three global business threats, Ahmed argued that sustainable practices are a strategic advantage. They help companies reduce operational risks, protect cash flow, and attract investment in an increasingly conscious market.
“Doing the right thing is also good business,” he concluded, reaffirming AXA Mansard’s commitment to partnering with clients to transform climate risks into shared value, positioning a green, inclusive economy as Nigeria’s most viable growth path.
