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Committed to promoting balanced development throughout Lagos, the State Government, through its Resilience Office (LASRO), along with experts and significant private sector partners, has finalized plans to convene and explore solutions that could aid the megacity in managing climate risks by utilizing the expertise available within the Lagos insurance sector.
During the meeting, discussions will also focus on how Lagos can effectively leverage insurance to improve water resilience and draw in essential investments to bolster the state’s urban water infrastructure.
In collaboration with the Resilient Cities Network and the global insurance intermediary group, Howden, state government officials and experts will identify challenges and solutions at the Lagos Water Risk and Insurance workshop set to take place on Wednesday, January 15, and Thursday, January 16, 2025, in Lagos.
The Lagos Chief Resilience Officer, Dr. Folayinka Dania, shared this information yesterday during a virtual meeting with stakeholders.
Dania noted that the workshop is part of the 2024 Global Risk and Resilience Fellowship (GRRF), a worldwide initiative aimed at assisting cities in managing climate risks by leveraging the expertise of the insurance sector.
“The workshops will gather leaders from both the public and private sectors to investigate innovative solutions for prioritizing, addressing, and mitigating water-related risks such as flooding, scarcity, and infrastructure deficiencies that Lagos State encounters, building on the two years of work by RWA and Arup on the City Water Resilience Approach (CWRA) in Lagos, which aims to shape the city’s water resilience strategy. The sessions are intended to harness the potential of insurance to improve water resilience and attract vital investment in urban water infrastructure.”
According to her, the workshops will concentrate on enhancing Lagos’ ability to comprehend and prioritize water risks, address data deficiencies, and overcome investment barriers in water infrastructure. Participants will take part in interactive sessions and discussions that examine how insurance tools can bolster urban resilience and attract private-sector funding. The event will also present case studies and insights from global experts on insurance and investment.
She mentioned that key topics of discussion will include innovative insurance solutions such as parametric insurance, prioritizing the most pressing water challenges in Lagos, identifying strategies to bridge data gaps, and tackling obstacles to financing water infrastructure projects.
