FG launches flood insurance coverage coverage to assist people, companies, and communities hit by floods
The Federal Authorities has launched a Nationwide Flood Insurance coverage Coverage (NFIP) to offer a {financial} security web for people, companies, and communities regularly affected by flooding throughout Nigeria.
The initiative was introduced on Thursday in Abuja at a Technical Committee Assembly (TCM) targeted on the event and implementation of the brand new insurance coverage coverage, as reported by the Information Company of Nigeria (NAN).
In line with the Ministry of Setting, the NFIP is designed to cut back the {financial} burden on federal and state governments, whereas additionally providing safety to residents and companies going through flood-related losses.
Talking on the occasion, Mr. Mahmud Kambari, Everlasting Secretary on the Ministry of Setting, represented by Mr. Kunle Awojemila, Deputy Director of Flood Erosion Management, stated the coverage shifts from reactive response to proactive flood danger administration. He added that it aligns with Part 4 of the Nationwide Erosion and Flood Management Coverage, which focuses on long-term resilience.
“The Federal Authorities has adopted a Nationwide Flood Insurance coverage Coverage (NFIP) aimed toward addressing the rising threat of flood-related disasters throughout the nation,” the NAN report learn partially.
The report additional said, “The Everlasting Secretary of the Ministry of Setting, Mr Mahmud Kambari, stated the coverage would cut back the {financial} burden on each federal and state governments at the moment allotted to emergency reduction and post-disaster reconstruction.
“He added that the NFIP would function a {financial} security web for people, companies, and communities, enabling swift restoration from flood-induced losses and guaranteeing long-term resilience.”
Kambari defined that the programme is designed to offer {financial} safety and assist fast restoration from flood-related losses. He famous that its implementation would come with clearly outlined timelines, assigned tasks, and mechanisms for efficient monitoring.
Extra insights
Additionally talking on the occasion, Mrs. Rubaiyat El Rufai, Particular Adviser to the President on Nationwide {Economic} Council and Local weather Change, highlighted the urgency of the initiative.
Represented by Mrs. Inna Audu, Particular Assistant to the President on Humanitarian Affairs, she identified that many agrarian communities alongside the River Benue and River Niger undergo important harm from seasonal flooding.
- She described insurance coverage as a preparedness mechanism slightly than a post-disaster response, stressing the significance of proactive contributions to create a fund for emergencies.
- El Rufai famous that trillions of naira have been misplaced through the years because of floods—damaging farms, properties, and livelihoods—and whereas human lives can’t be quantified, {financial} safety will help forestall essentially the most susceptible from falling into deeper hardship.
- She additional advocated for devoted flood insurance coverage schemes, explaining that basic insurance coverage insurance policies typically fail to adequately deal with flood-specific dangers. In her view, standalone protection would allow higher danger administration and facilitate long-term restoration for affected communities.
The Director of the Erosion and Coastal Zone Administration Division, Mr. Usman Bokani, represented by Assistant Director Mr. Abdullahi Atta, stated the nationwide framework would information the event of an inclusive flood insurance coverage system, incorporating financing fashions, community-level supply, danger pooling, and regulatory alignment.
