Insurance Companies Paid A Record N168m In Claims To Flood Victims In 2015 – NIA

Aug 07, 2017

In recent years, weather patterns are becoming more and more unpredictable to the extent that, even in areas where rainfall is traditionally low, the possibility of heavy rainfall has significantly increased, leading to floods and the resultant damages.According to new data obtained by NASA scientists, past studies carried out on climatic conditions underestimated the future levels of rainfall in Nigeria and other tropical regions. Apparently, the new data indicated a complete change in rainfall patterns and an increase in the rainfall volume, which we are currently witnessing.

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Indeed, you may wonder why this should bother you. But, the recent incidents of flooding of communities in Lagos State – Lekki, Victoria Island, Surulere, Ikorodu, Ikeja, Agege etc. – and other states such as Suleja in Niger State, Warri and Sapele in Delta State, and Edo State, to mention but a few, is a testament to the disastrous effects of flooding.

Flood can be devastating when it wreaks havoc on communities. It does not only fill our homes with filthy water, it also has the capacity to destroy properties and even lives. These assets and valuables destroyed by flood definitely cost a lot of money to replace. Flood can even render one homeless and penniless. So, more than ever before, as the risk of flooding increases by the year, it is important to protect our properties from the threat and negative consequences of flood.

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This is where insurance comes in. According to a report by the Nigerian Insurers Association, NIA, N168m was paid as compensation by insurance companies to cover for the cost of destruction of properties caused by flood in Lagos in 2015. This figure shows just a small part of the huge financial implication and burden of the havoc occasioned by flood in that year. Now, imagine what would have been if these claimants did not have the protection that insurance offers. These victims, unfortunately, would have been left high and dry to suffer the effects of the financial loss caused by the unforeseen disaster to the tune of a whooping N168m. That would be no small loss!

Fortunately, you do not have to be an unfortunate flood victim, as Leadway Assurance has a one premium and multiple-cover insurance policy known as the Leadway Household, Automobile and Personal Accident Policy (LHAPPy). This policy is an insurance plan that ensures the protection of your home and its content, as well as your automobile, against the devastating effects of flooding, while providing cover from personal accidents that may occur in your home, in addition to the risk of fire, lighting, limited explosion, malicious damage, strikes and riots that may occur and cause damages to your assets and valuables. LHAPPy is designed to suit the needs of all types of house occupants, irrespective of whether they live in self-owned or rented property.

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Also, small and medium sized business owners are not left out of the unique protection that Leadway Assurance offers, as they can take advantage of the Leadway Business Owner Support Scheme (LBOSS), which is designed to protect small and medium-sized businesses against the risk of material damage caused by flooding to their business premises and its contents (e.g. computers and items belonging to customers). This policy also offers motor vehicle insurance cover against fire, lightning, limited explosion, earthquake, volcanic eruption, malicious damage strike, riot, flood, storm, impact and burglary to contents within the policyholder’s premises.

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Although no one wishes to be a victim of flood, it is wiser to safeguard your property than to be sorry. For more information on LHAPPy, SMS HAPPY to 22865. You may also contact our team on (01) 2800700, 2800701 or 08129997070 to find out more about LHAPPy, LBOSS and other insurance policies in our offering. Send an email to for more details on L-HAPPy.


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