MONEY MATTERS: Securing Your Properties Against Flood During This Rainy Season

In the last four years, there hass  been incessant loss of income and lives due to the devastating effect of flood , a common natural disaster cursed majorly by climate change nationally  and globally

Despite being  a risk that could be mitigated, the generally negative perception about insurance services have made most flood victims turn deaf ears to flood insurance, a weapon, which should expectedly be instrumental to the dreaded disaster.

Flood insurance, in areas where it is embraced, enables businesses, including farmers and communities in flood-prone arrears, recoup their investment and also get indemnified in the event of a loss.

Recall that the Nigeria Meteorological Agency(NIMET), had, earlier in the year, warned that ‘2023 will witness an early onset of rainfall accompanied by flooding.’

For those who are proactive and live in flood-prone areas, its time to protect their farms, animals, houses, offices, properties and so on, against flood through flood insurance coverage.

To this end, the managing director/CEO of Leadway Assurance, Tunde Hassan-Odukale, said, there is an urgent need to prioritise food security and protect the enormous investment in agriculture, disclosing that his insurer has designed insurance policies to help victims of devastating flooding recover from the massive financial losses.

An insurance broker, Desmond Ibekwe, had advocated for  national insurance policy for flood following huge losses always recorded after flood incidents in the country.

He said it’s important that business and exposed areas are adequately insured against flood, particularly now that deforestation is having huge impacts on environment.

On his part, the head, Corporate Communications and Market Development, the National Insurance Commission(NAICOM), Mr. ‘Rasaaq Salami, assured Nigerians that insurance companies are bracing up for claims settlement to policyholders that were affected by the flood ravaging many parts of the country.

An insurance expert, Mr. Valentine Ojumah said, despite the wide room for growth, life assurance is still at a low per cent penetration, while general insurance has just about 1.5 per cent penetration.

Financial adviser, Nimi Akinkugbe, said: ‘we live  in uncertain times. Violent floods and storms, volcanic eruptions, earthquakes, tsunamis, hurricanes; the list goes on. Such disasters have one thing in common; they are ‘catastrophic risks’ that are not likely to affect you in your lifetime, but if and when they do happen, the consequences can be devastating.’

He suggested that Nigerians should procure insurance as a risk mitigation mechanism that will return policyholders to their financial position as if nothing happened, promising Insurers armed

How To Subscribe

You can approach any Registered insurance company and pay a token as premium to enjoy flood insurance cover.