Climate Resilience: AXA Mansard Advocates for Sustainable Business Practices in Nigeria
AXA Mansard Insurance has issued a strong call for Nigerian businesses to embrace sustainability as a strategic response to escalating climate change challenges. The announcement came during the company’s first-ever Sustainability Symposium in Lagos.
CEO Kunle Ahmed emphasized the urgent need for businesses to transition from traditional risk management to building resilience through environmental and social sustainability initiatives. This push comes at a critical time, as West and Central Africa grapple with severe climate impacts. Recent data from UNOCHA reveals that approximately 6.9 million people in the region were affected by flooding and heavy rainfall in 2024, with Nigeria accounting for 1.3 million of those affected.
In demonstrating its own commitment to sustainability, AXA Mansard has made significant strides in reducing its environmental footprint. The company has evaluated climate risk exposure for assets worth over ₦14.5 billion in the past three years. Their internal sustainability efforts have yielded impressive results: a 46% reduction in petrol-related emissions, 34% decrease in electricity-related emissions, 12% reduction in diesel emissions, and a 39% drop in water consumption. Additionally, the company’s workforce has dedicated more than 30,000 hours to volunteer work, touching the lives of over 10,000 individuals.
In an innovative move to address urban flooding, AXA Mansard has partnered with the Insurance Development Forum, UNDP, AXA Climate, and Swiss Re to develop a pioneering parametric flood insurance solution for Lagos State. This satellite-based system promises quick claim settlements and could potentially protect four million residents, with coverage reaching US$7.5 million during major flood events.
Drawing from the AXA Future Risks Report 2025, which identifies climate change as one of the top three global business threats, Ahmed urged Nigerian companies to view sustainability as a strategic advantage rather than a cost burden. “Adopting sustainable practices reduces operational risks, protects cash flows, opens new markets, and attracts investors. It’s not just the right thing to do; it’s smart business,” he stated.
The company has positioned itself as a key player in Nigeria’s transition to a green economy, offering both expertise and support to businesses looking to enhance their sustainability practices. Ahmed concluded the symposium by emphasizing the collaborative potential between AXA Mansard and its clients in building a more resilient, low-carbon future for Nigeria.
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