As Nigeria enters
the high point of its rainy season, insurers are concerned about the
rising level of exposure to flood risks for individual homes and
businesses without adequate cover.
Though the level of awareness is low as a result of shortage of data to measure exposure, experts believe
that having a national insurance flood policy would spur insurers to
provide appropriate policies, as well as intensify awareness to cover
affected areas and critical investments. Some of the operators who spoke
to BusinessDay last night, stated that the exposure is big but still
unquantifiable due to lack of data.
