Determined to ensure even development across Lagos, the State Government through its Resilience Office (LASRO), experts and key private sector stakeholders have concluded plans to meet and discuss solutions that could assist the megacity manage climate risks by leveraging on available expertise in the Lagos insurance sector.
During the meeting, they would also deliberate on how best Lagos could harness the power of insurance to enhance water resilience and attract much-needed investments that could strengthen the state’s urban water infrastructure.
In partnership with the Resilient Cities Network and global insurance intermediary group, Howden, the state government officials and experts will be identifying challenges and solutions during the Lagos Water Risk and Insurance workshop scheduled to hold on Wednesday, 15th and Thursday, 16th of January, 2025, in Lagos.
The Lagos Chief Resilience Officer, Dr. Folayinka Dania, disclosed this yesterday at a virtual meeting with stakeholders.
Dania explained that the workshop forms part of the 2024 Global Risk and Resilience Fellowship (GRRF), a global initiative designed to help cities manage climate risks by leveraging insurance sector expertise.
“The workshops will bring together public and private sector leaders to explore innovative solutions for prioritizing, addressing, and mitigating water-related risks of flooding, scarcity, and infrastructure gaps that Lagos State faces, building on the RWA and Arup’s two years of City Water Resilience Approach (CWRA) work in Lagos aimed at shaping the city’s water resilience strategy. The sessions are designed to harness the power of insurance to enhance water resilience and attract much-needed investment in urban water infrastructure”.
According to her, the workshops will focus on strengthening Lagos’ capacity to understand and prioritize water risks, address data gaps, and overcome barriers to investment in water infrastructure. Attendees will engage in interactive sessions and discussions that explore how insurance tools can support urban resilience and attract private-sector financing. The event will also showcase case studies and insights from global experts on insurance and investment.
She stated that key discussions include innovative insurance solutions like parametric insurance, prioritizing Lagos’ most critical water challenges, identifying strategies to close data gaps, and addressing obstacles to financing water infrastructure projects.
