The Chief Executive Officer of Leadway Assurance Company Limited, Gboyega Lesi, urgently calls on communities, businesses, and individuals to take immediate and proactive steps in anticipation of the severe flooding forecasted by the National Emergency Management Agency (NEMA).
Leadway Assurance CEO’ concern is not unconnected with the largely low level of cover for natural disasters in Nigeria with most of the perils uncovered by insurance; and his reaction to NEMA report is a wakeup call to the 33 states highlighted to step risk management system that should include insurance cover with needed flood endorsements.
In a July report presented at a forum in Abuja, NEMA predicted an increase in flooding incidents across 33 states from August through October. The agency urged various sectors to begin taking precautionary measures immediately.
Gboyega Lesi relaying NEMA’s warnings, emphasised the seriousness of the situation: “Flooding poses a significant threat to communities across Nigeria, and the latest Nigerian Meteorological Agency (NIMET) report highlights the urgent need for proactive protection measures for individuals, families, properties and investments.”
The Nigerian Bureau of Statistics (NBS) reported that the 2022 flood disaster, deemed the worst in decades, caused about $9.12 billion in direct economic damages, as the Federal Government and the World Bank estimated.
The assessment reveals extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and significant disruption to productive and agricultural sectors.
The financial impact is overwhelming, underscoring the need for urgent action. Lesi underscored Leadway Assurance’s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions tailored to the distinct challenges posed by flood-related risks.
“Our comprehensive policies offer robust protection, empowering individuals and businesses to recover quickly and effectively after a flood. We understand that each flood scenario is different, and our coverage is flexible enough to meet specific needs and circumstances.” Leadway Assurance is steadfast in helping Nigerians navigate these challenging times.
The company assures all Nigerians that its dedicated team is ready to provide guidance and support to mitigate risks and facilitate swift recovery.
