(Boursier.com) — On the occasion of the annual United Nations climate conference (COP27), the Forum for the Development of Insurance (FDA), the United Nations Development Program (UNDP), the German government and the Lagos State government in Nigeria have signed an agreement to launch a project to protect 8.5 million vulnerable people from the risk of flooding.
In Nigeria, climate change is adversely affecting people’s livelihoods and affecting the habitability of many areas that are highly exposed to it, with powerful effects on internal migration.
In order to improve the resilience of vulnerable populations in the city of Lagos, currently uninsured in the face of extreme rainfall and flooding, a new consortium is launched by the Insurance Development Forum (IDF), in collaboration with JBA and ICEYE, to promote the development of regional insurance solutions.
The Frankfurt School of Finance and Management, which manages the Insurance Solutions Forum (ISF), has signed a funding agreement with the consortium partners of the project.
This public-private partnership supports risk management solutions for countries vulnerable to climate change and relies on innovative parametric insurance solutions guaranteeing rapid compensation in the event of flooding.
Which actors mobilized?
Endowed with 1.6 million euros, this project will be led by AXA Climate, in cooperation with UNDP, Swiss Re and AXA Mansard, the Nigerian entity of the AXA Group, Africa Risk Capacity Ltd and the State of Lagos. , as well as two flood data specialists JBA and ICEYE.
The insurance will cover the property of vulnerable people, as well as public facilities and infrastructure, such as schools, hospitals and fire stations. The insurance product is expected to be integrated into the existing flood risk management framework and significantly improve Lagos State’s flood resilience and contingency planning in the coming years.
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