The Lagos State Government has unveiled a $7.5 million flood insurance scheme aimed at protecting up to four million residents living in flood-prone areas of the state.
The initiative is described as a parametric flood insurance policy, meaning payouts can be triggered quickly based on predefined conditions like rainfall levels or flooding intensity, rather than waiting for lengthy damage assessments.
Officials say the scheme is part of broader efforts to strengthen climate resilience and disaster response, especially as Lagos continues to face recurring flooding during the rainy season.
The insurance coverage is expected to focus on high-risk communities, providing financial relief and support to affected residents when flood events occur.
Authorities noted that the programme represents a proactive approach to disaster management, helping reduce economic losses, support vulnerable populations and improve recovery time after flooding incidents.
The move comes amid increasing warnings about extreme weather and rising flood risks in Lagos, with experts urging both government and residents to adopt preventive and adaptive measures.
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