The Lagos State Resilience Office (LASRO), in collaboration with the Resilient Cities Network and Howden Insurance Brokers, has successfully hosted the Year 2025 Global Risk and Resilience Fellowship workshop, focusing on addressing water risks through innovative insurance solutions, strategic investments, and sustainable finance.
The event, which was held today at the Colossus Lagos, brought together local and international experts, policymakers, and stakeholders to share knowledge, expertise, and best practices. Participants explored innovative insurance solutions to address water risks, including the benefits of parametric insurance, index-based insurance and other risk transfer mechanisms.
They further committed to collaborating and implementing the workshop’s recommendations, including the development of a water risk management plan, the establishment of a water risk insurance facility, and the mobilization of investments for water resilience projects.
The workshop identified potential investment opportunities in Lagos State’s water sector, including green infrastructure, water efficiency projects, and climate-resilient water management systems. The fundamentals of insurance and the role of risk transfer mechanisms were explored for strengthening water resilience for Lagos.
Dr. Folayinka Dania, Lagos State Chief Resilience Officer, stated that the State is determined to explore the fundamentals of insurance and the role of risk transfer mechanisms in strengthening water resilience for Lagos while building financial resilience against water-related disasters and adopting proactive risk management and mitigation efforts.
Engr. Nnamdi Udeh, Team lead, Advisory Services, Arup Lagos Office, West Africa remarked that the novel insurance workshop aims to determine how insurance can play a critical role in helping to solve water resilience issues, identify the risks, help people understand insurance because awareness is a bit of a problem. It would also help to see how coming together to understand insurance and deploy the necessary solutions to solving the resilience issues in the water sector would lead to the growth and development of the state.
Mr. Olawale Omotehinse from FBN Insurance Brokers lauded the development as a critical, brilliant and laudable conversation. “Lagos is one of the forward-facing States in Nigeria and the fact that they can come together with other partners and stakeholders to look at the risks that abound and how to address it is laudable.”
Participants were unanimous on the resolve that the Lagos State Government is committed to addressing the water risks facing the State. The workshop provided valuable insights, expertise, and partnerships to support the water resilience efforts while looking forward to implementing the recommendations and outcomes of the workshop.
The Lagos State Government intend to establish a working group to oversee the implementation of the workshop’s recommendations. The working group will comprise representatives from the government, private sector, civil society, and international organisations.
