00:02Nigeria's Lagos state is getting ready for climate change.
00:07Facing rising sea levels and an increased risk of floods,
00:11the state took out a $7.5 million flood insurance policy this week.
00:16It is a major milestone in protecting citizens
00:20from the increasingly worsening consequences of climate change in Nigeria.
00:25The policy's premium was financed at 90% by INSU Resilience Solutions Fund.
00:31This fund comes from the German government.
00:35Lagos state will cover the remaining 10%.
00:38But the Lagos-funded portion is set to increase in the second and third year of the policy.
00:45The new policy covers up to 4 million people in the state.
00:50Payouts from the insurance don't depend on time-consuming damage assessments,
00:54but on specific conditions such as the amount of rainfall.
