Post by AXA

Lagos. 22 million people. Flood risk intensifying every year: the Lagos State Government has contracted a parametric flood insurance policy covering up to 4 million people. What makes it different: unlike traditional insurance, parametric coverage provides payouts based on predefined flood triggers measured through satellite data and advanced modelling without loss assessment procedures. When floods hit, funds move fast. AXA Climate designed and structured this solution alongside AXA Mansard in Nigeria, Swiss Re, flood modeller JBA Risk Management, and satellite company ICEYE with support from UNDP and the Insurance Development Forum. 👉 Swipe through for the full story. #ParametricInsurance #ClimateResilience #AXAClimate