By Taiye Olayemi
The former Deputy Minister of Finance of Sierra Leone, Mr Bockarie Kalokoh has urged insurance operators in West Africa to invest in local data systems and climate risk expertise to strengthen the region’s resilience against climate change.
Kalokoh made the call while presenting a paper on “Global and Regional Climate Risk Outlook and Policy Context for the Insurance Sector” at the 2025 West African Insurance Companies Association (WAICA) Education Conference, on Tuesday in Lagos.
He outlined key priorities for insurers to strengthen resilience and improve climate risk management across the subregion.
Kalokoh advised insurers to invest in hyper-local data capabilities, as he emphasised that accurate pricing and risk modeling depended on reliable climate and meteorological information.
He urged insurers to form partnerships with national meteorological agencies, technology firms, and research institutions to build granular data systems
“We cannot price what we cannot measure. Partnerships with national meteorological services, technology companies, and research institutions are essential to develop the granular data infrastructure needed for robust climate risk modeling,” he said.
Kalokoh also emphasised the need for collaborative risk mechanisms.
He explained that the magnitude of climate risks such as floods and droughts exceeded the capacity of individual insurers.
Kalokoh proposed the establishment of a regional pool for catastrophic risks, in line with models under the African Climate Risk Facility, to enable shared responsibility and stronger financial protection for climate-related losses.
On innovation, he encouraged insurers to leverage mobile technology and digital platforms to expand access to climate insurance.
Kalokoh cited the success of mobile-enabled insurance products in East Africa as a model worth replicating.
He further urged stronger regulatory engagement within the region to ensure conducive policy frameworks and fair subsidy mechanisms that support climate-related insurance products.
Kalokoh also underscored the importance of building climate risk expertise within insurance organisations, through the recruitment and training of specialists such as atmospheric scientists and data analysts.
He disclosed that his team had developed a masterclass on “insurance-associated emissions” aligned with the Greenhouse Gas (GHG) Protocol and the Partnership for Carbon Accounting Financials (PCAF).
According to him, the initiative will help West African insurers measure and disclose GHG emissions linked to their operations and value chains, while taking steps to decarbonise and reduce exposure to climate risks.
“By forming partnerships with governments and non-governmental organisations, advising on regulations, and investing in hazard tools, the global insurance industry enhances adaptation and resilience.
“Most importantly, it provides the vital risk transfer mechanisms without which many climate strategies cannot be successfully implemented,” he said.
