Why AXA Mansard urged firms to embrace sustainability as climate threats intensify
AXA Mansard has advised Nigerian companies to integrate sustainability into their core business strategies as a proactive way to confront the escalating impacts of climate change.
Speaking at the maiden edition of the AXA Mansard Sustainability Symposium in Lagos, the company’s Chief Executive Officer, Kunle Ahmed, stressed that organisations can no longer view climate change as a distant threat but must begin transitioning “from risk to resilience.”
His remarks come amid worsening weather patterns across West Africa. Data from the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) shows that heavy rains and floods affected an estimated 6.9 million people across West and Central Africa in 2024, with Nigeria alone accounting for about 1.3 million of those hit.
“These are real people and real businesses being affected. Climate risk has become a direct business risk,” Ahmed emphasized.
He explained that AXA Mansard has been strengthening its own sustainability agenda. Over the last three years, the insurer has evaluated assets worth over ₦14.5 billion for exposure to climate-related risks. In the same period, the firm cut petrol emissions by 46 percent, electricity-related emissions by 34 percent, diesel emissions by 12 percent, and reduced its water usage by 39 percent. Staff volunteers also contributed more than 30,000 hours to community-focused projects, reaching over 10,000 beneficiaries.
“Sustainability is not a trend for us. It is central to our ability to remain relevant to Nigerians,” he said.
As part of its climate-resilience initiatives, AXA Mansard partnered with the Insurance Development Forum, UNDP, AXA Climate, and Swiss Re to create a parametric flood insurance product for Lagos State. The solution uses satellite data to trigger quick payouts and is expected to protect as many as four million residents, offering coverage of up to US$7.5 million in severe flood events.
Ahmed noted that such innovations show how insurance can help narrow the protection gap while safeguarding vulnerable communities.
Referencing the AXA Future Risks Report 2025, which lists climate change among the top three threats confronting global businesses, he urged Nigerian organisations to treat sustainability as an investment rather than a financial burden.
“By adopting sustainable practices, businesses reduce operational vulnerabilities, preserve cash flows, attract investors, and unlock new growth opportunities. It is not only responsible—it makes business sense,” he said.
Ahmed reaffirmed AXA Mansard’s commitment to partnering with customers and stakeholders in building a more inclusive and low-carbon economy.
“Nigeria has immense potential to lead in green growth. With collective effort, we can build resilience, unlock new value, and secure a safer future,” he concluded.
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