The Lagos State Government has secured a 7.5 million dollar flood insurance policy to provide relief for vulnerable residents in the event of flooding. The policy, which covers up to four million people, was announced on Thursday in a statement by the Insurance Development Forum.
The initiative is part of the Tripartite Agreement Programme, a partnership involving the Insurance Development Forum, the United Nations Development Programme, and Germany’s Federal Ministry for Economic Cooperation and Development, aimed at strengthening climate resilience in developing countries.
Governor Babajide Sanwo-Olu said the policy will help protect lives, livelihoods, and public finances, warning that climate inaction could cost Lagos nearly 40 billion dollars by 2050. He said the insurance scheme forms part of broader efforts to integrate climate risk management into the state’s development planning.
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Officials say the policy will be supported by multiple partners, including global insurers and development agencies, with local institutions such as the Lagos State Emergency Management Agency involved in implementation.
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