Business a.m
AXA Mansard, one of Nigeria’s leading insurance companies, has called on corporate Nigeria to integrate sustainable business practices as a strategic response to escalating climate threats.
Speaking at the inaugural AXA Mansard Sustainability Symposium in Lagos,Kunle Ahmed, chief executive officer of the company, urged business leaders to shift their focus “from risk to resilience” by embedding environmental and social sustainability into their operations.
Ahmed’s warning comes against a backdrop of worsening climate-related disasters in Nigeria and across West Africa. According to the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA), heavy rains and flooding in 2024 affected approximately 6.9 million people in West and Central Africa, with Nigeria alone accounting for 1.3 million of those impacted. Lagos, the nation’s economic hub, now faces annual flooding that disrupts both lives and business activities.
“These statistics are not just numbers; they represent families, communities, and enterprises. They demonstrate that climate risk is a business risk,” Ahmed emphasised.
Highlighting AXA Mansard’s own commitment to sustainability, he revealed that over the past three years the company has assessed more than N14.5 billion worth of assets for climate risk exposure. During the same period, the firm cut petrol-related emissions by 46 percent, electricity-related emissions by 34 percent, diesel emissions by 12 percent, and water consumption by 39 percent, while employees volunteered over 30,000 hours, positively impacting more than 10,000 lives. “For us, sustainability is not a buzzword; it is the reason our business will continue to serve Nigerians,” Ahmed said.
The insurer is also innovating to shield communities from climate shocks. In partnership with the Insurance Development Forum, UNDP, AXA Climate, and Swiss Re, AXA Mansard helped design a parametric flood insurance solution for Lagos State. Using satellite-based flood triggers, the initiative enables rapid payouts, projected to protect up to four million residents, providing coverage of $7.5 million during catastrophic flood events. “This initiative demonstrates how insurance can close the protection gap and strengthen community resilience,” Ahmed noted.
He further encouraged Nigerian businesses to see sustainability not as an expense, but as a competitive advantage. Citing the AXA Future Risks Report 2025, which ranks climate change among the top three global threats to enterprises, Ahmed explained: “Adopting sustainable practices reduces operational risks, safeguards cash flows, opens new markets, and attracts investors. It’s not just the right thing to do; it’s smart business.”
The symposium marks AXA Mansard’s renewed commitment to promoting climate-resilient business practices, highlighting the critical role of private sector leadership in Nigeria’s broader environmental and social sustainability agenda.
