Communities, businesses and individuals have been asked to prioritise insurance services to cushion possible effects of any eventualities. This advice is coming on the heels of recent floods across some parts of the country and in anticipation of the severe flooding forecast by the National Emergency Management Agency (NEMA).
In its latest report unveiled at a forum in Abuja, NEMA envisaged an increase in flooding incidents across 33 states from August through October and urged various stakeholders to take precautionary measures immediately.
Speaking on the development, the Chief Executive Officer, Leadway Assurance Company Limited, Gboyega Lesi, re-echoed NEMA’s warnings in a statement issued by the insurer and sent to The Guardian, stressing the seriousness of the situation.
Lesi said: “Flooding poses a significant threat to communities across Nigeria and the latest Nigerian Meteorological Agency (NiMET) report highlights the urgent need for proactive protection measures for individuals, families, properties, and investments.”
Lesi said Leadway Assurance’s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions packaged to tackle challenges posed by flood-related risks.
He stated: “Comprehensive policies offer robust protection, empowering individuals and businesses to recover quickly and effectively after a flood. We understand that each flood scenario is different, and our coverage is flexible enough to meet specific needs and circumstances.”
Leadway Assurance is committed to helping Nigerians navigate these challenging times and has assured all Nigerians that its dedicated team is ready to provide guidance and support to mitigate risks and facilitate swift recovery.
The firm said it is dedicated to bridging the financial protection gap and increasing insurance penetration in Nigeria. A report by the Nigerian Bureau of Statistics (NBS), estimated the 2022 flood disaster, deemed to be the worst in decades, to have caused about $9.12 billion in direct economic damages, according to both the Federal Government and the World Bank.
The assessment disclosed extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and significant disruption to productive and agricultural sectors, while the financial impact was overwhelming, underscoring the need for urgent action.
Also speaking on the impact of flooding in the country, the Executive Director, Technical, Heirs Insurance, Dr Japhet Duru, described flooding as a phenomenal activity that has occurred in previous years. He said that given climate change and the current activities in the society in recent times, flooding is rightfully anticipated as predicted by NEMA, especially in Lagos and other areas.
Duru said Heirs Insurance is prepared to cover customers in the event of flooding, saying it also gives peace of mind to customers (the assured) knowing if they experience a flood in Lagos and other states, they will get full insurance coverage.
The insurance expert maintained that the flooding anticipated will come, however, the more important point is to be protected against the impact of flooding on your property, life, and the environment. I advise the public to make provision for insurance coverage”
