The Lagos State government has contracted a parametric flood-risk insurance policy in the Nigerian insurance market, which is designed to protect up to 4 million vulnerable people, providing up to USD 7.5 million for flood response and recovery.
The policy’s activation marks a major milestone for the Tripartite Agreement Programme, which aims to build developing countries’ resilience to climate risk.
The programme is a public-private partnership between the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and the German Federal Ministry for Economic Cooperation and Development (BMZ) through the InsuResilience Solutions Fund (ISF).
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