The African Reinsurance Corporation (Africa Re), Africa’s premier reinsurance institution, in strategic partnership with the National Emergency Management Agency (NEMA), will host a high-level national workshop on Disaster Risk Financing and Insurance in Nigeria on Thursday, April 10, 2025, at the Transcorp Hilton Hotel, Abuja.
This landmark event marks a significant step toward revolutionizing Nigeria’s approach to disaster management through innovative insurance mechanisms and enhanced public-private collaboration.
The one-day intensive workshop aims to convene over 50 senior decision-makers from both the public and private sectors to catalyze transformative discussions on sustainable disaster risk financing strategies for Nigeria.
In recent years, Nigeria has grappled with devastating natural and human-induced disasters that have caused unprecedented destruction. The catastrophic floods of 2022 alone affected over 30 states, resulted in more than 600 fatalities, displaced approximately 1.3 million people, and generated economic losses estimated at USD 9.6 billion. Similarly, the 2020 floods impacted 27 states and the Federal Capital Territory, displacing over 740,000 people and damaging an estimated 850,000 tons of crops.
These recurring disasters underscore the critical need to shift from reactive approaches to proactive disaster risk financing mechanisms that can ensure swift recovery and business continuity in the aftermath of disasters.
The workshop will feature a series of insightful sessions on disaster risk financing and insurance, delivered by leading experts in the field. The aim of the workshop is to support Nigeria’s efforts in strengthening emergency preparedness by exploring practical insurance solutions and collaborative approaches. The sessions of the workshop will also focus on understanding the country’s disaster risk landscape and how the private sector can complement government efforts in building financial resilience.
Furthermore, it is the objective of the organizers that participants will help identify the necessary building blocks for insurance to play a meaningful role in disaster preparedness such as policy and legal frameworks, priority investment areas, and the technical capacity needed by local insurance industry. Anticipated outcomes include the development of a clear roadmap to enhance insurance as a tool in disaster risk management in Nigeria. By the end of the workshop, participants are expected to align on actionable next steps that will guide future disaster preparedness initiatives and financing strategies.
This workshop reflects Africa Re’s ongoing commitment to strengthening insurance as a tool for building resilience across the continent. NEMA’s role as Nigeria’s lead agency for disaster management ensures that the conversations remain grounded across a broad range of partnerships from both public and private sectors. Together, both institutions are driving a shared agenda to position insurance as core elements of Nigeria’s disaster risk financing strategy. This convening is partly supported by the Nigeria Climate Insurance Project, under which Africa Re and the International Finance Corporation (IFC) are collaborating to deliver technical assistance for the development of inclusive insurance in the country. The project aims to provide technical support to local stakeholders to develop the capacity to leverage insurance solutions in solving challenges that affect society.
About Africa Re
The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums. Established in 1976 by 36 African states following a recommendation of the African Development Bank (AfDB), Africa Reinsurance Corporation works to develop the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, supporting the continent’s economic development.
Ranked among the top global reinsurance groups, Africa Re has a diverse shareholding structure comprising 42 African member States (34.63%), the African Development Bank (8.38%), 114 African insurance and reinsurance companies (34.94%), and 3 non-regional shareholders (23.05%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX), and Germany (ALLIANZ SE).
With headquarters in Lagos, Nigeria, Africa Re operates through six Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt), and Ebene (Mauritius). The Corporation also maintains one Local Office in Addis Ababa (Ethiopia), an Underwriting Representative Office in Kampala (Uganda), and three Subsidiaries: Africa Re South Africa Limited in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt), and Africa Re Underwriting Agency Limited in Dubai (United Arab Emirates).
About NEMA
The National Emergency Management Agency (NEMA) is the statutory body mandated by the Federal Government of Nigeria to coordinate all disaster management activities throughout the country. Since its establishment, NEMA has been at the forefront of disaster prevention, preparedness, mitigation, response, and recovery efforts across Nigeria.
For more information about Africa Re, visit our official website (https://www.africa-re.com/)
Isaac Magina on email: magina.isaac@africa-re.com
Alfred Adogbo on email: adogbo.alfred@africa-re.com
Joseph Chege on email: nduati.joseph@africa-re.com
