Lagos State secures groundbreaking flood insurance protection. The Nigerian government has activated a parametric flood-risk insurance policy worth up to USD 7.5 million, protecting approximately 4 million vulnerable residents across seven local government areas. This innovative public-private partnership involves the Insurance Development Forum, United Nations Development Programme, and German development agencies working through the InsuResilience Solutions Fund. The policy enables rapid fund access for emergency response, disaster relief, and direct cash transfers to affected communities. With climate change intensifying flooding in Africa's largest coastal megacity, where over 80 percent of residents are low-income with minimal insurance coverage, this initiative represents critical financial infrastructure for climate resilience.
