The African Reinsurance Corporation, in collaboration with a consortium of insurers and development partners, has partnered with the Lagos State Government to unveil the Lagos Flood Risk Insurance Policy. This initiative introduces Sub-Saharan Africa's first parametric flood insurance solution, aimed at addressing the region's climate risk challenges. The policy is designed to provide financial protection against flood-related damages, marking a significant advancement in climate risk financing within the continent. This partnership underscores a commitment to enhancing resilience against climate impacts in urban areas.
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