The Insurance Development Forum (IDF), in collaboration with the United Nations Development Programme (UNDP) and the German Federal Ministry for Economic Cooperation and Development (BMZ) through the InsuResilience Solutions Fund (ISF), has completed the design of a parametric flood insurance solution for Government of Lagos State in Nigeria under the Tripartite Agreement Program

The development of the new product was carried out in partnership with a team composed of IDF member companies including AXA Climate, Swiss Re, AXA Mansard, AXA Mansard, JBA Risk Management, ICEYE and African Risk Capacity (ARC).

Parametric insurance covers up to 4 million people vulnerable to floods. Insured persons will benefit from rapid compensation of up to 7.5 million USD in the event of a predefined claim using satellite data