Lagos Secures $7.5 Million Flood Insurance Policy for Vulnerable Residents
• Lagos has implemented a $7.5 million flood insurance policy to aid vulnerable residents.
• The policy covers up to 4 million people and uses satellite data for automatic payouts.
• This initiative is part of Lagos' strategy to mitigate climate-related financial risks.
Lagos flood insurance protects vulnerable residents
Lagos, Nigeria, has introduced a $7.5 million flood insurance policy to safeguard its most vulnerable residents from the financial devastation caused by flooding. This policy, a collaborative effort involving AXA Mansard, AXA Climate, Swiss Re, and the African Risk Capacity, with support from the Insurance Development Forum and the United Nations Development Programme, aims to deliver rapid aid to up to 4 million individuals residing in flood-prone areas.
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