Business
Cornerstone Insurance Backs Lagos Flood Insurance Scheme for Four Million Residents
Cornerstone Insurance Plc has reaffirmed its commitment to strengthening climate resilience and expanding financial protection for vulnerable communities through its participation in the Lagos Flood Risk Transfer Scheme, an innovative flood insurance initiative expected to benefit approximately four million residents across Lagos State.
Flooding remains one of the most significant environmental and economic challenges confronting Lagos State, with poor and vulnerable communities disproportionately affected by recurring incidents during the state’s annual rainy seasons. As a low-lying coastal city with an average elevation of approximately 1.5 metres above sea level, Lagos faces increasing flood risks driven by rising sea levels, land subsidence, rapid urbanisation, and drainage systems frequently obstructed by waste.
Over the years, the state has experienced increasingly severe flooding, particularly between April and July, resulting in widespread disruption to infrastructure, livelihoods, businesses, and economic productivity. Estimates place the annual economic impact of flooding in Lagos at nearly $4 billion.
To address these growing risks and strengthen the financial resilience of affected communities, the United Nations Development Programme (UNDP) and the Insurance Development Forum (IDF), with funding support from the German Federal Ministry for Economic Cooperation and Development (BMZ), developed the Lagos Flood Risk Transfer Scheme in collaboration with the Lagos State Government.
The initiative is designed to provide rapid financial support to vulnerable residents through an innovative parametric insurance solution that enables faster response and recovery following major flooding events.
Following extensive modelling and technical assessments, a flood footprint-based index was selected as the most suitable insurance model for Lagos State, taking into consideration the city’s exposure to pluvial, fluvial, and coastal flooding risks. Under the scheme, payouts are triggered when flood depths reach 50 centimetres.
After regulatory approval by the National Insurance Commission (NAICOM), the scheme is being underwritten by Cornerstone Insurance Plc alongside three other leading insurance companies, with Africa Re providing reinsurance support.
Speaking on the initiative, the Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, said: “at Cornerstone Insurance, we understand that climate-related risks such as flooding continues to threaten livelihoods, businesses, and vulnerable communities across Lagos State. Our participation in the Lagos Flood Risk Transfer Scheme reflects our commitment to providing innovative insurance solutions that strengthen resilience, support rapid recovery, and deliver meaningful financial protection to those most affected by environmental challenges.”
The sustainability of the initiative is further strengthened by the Lagos State Government’s commitment to incremental premium payments over the next three years. The scheme has also been integrated into the state’s broader disaster management framework, reinforcing coordinated efforts to improve preparedness, response, and recovery for flood-prone communities across Lagos State.
About Cornerstone Insurance
Cornerstone Insurance Plc is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via internet and mobile platforms.
At Cornerstone Insurance Plc, we remain committed to our core values of integrity, empathy, professionalism, innovation, and team spirit. Our mission is to deliver value beyond expectations through need-based products and exceptional service delivery.
The post Cornerstone Insurance Backs Lagos Flood Insurance Scheme for Four Million Residents appeared first on Business Today NG.
Meta Platforms has added ‘Incognito Chat’ features to WhatsApp to address privacy concerns during users’ sensitive conversations with Meta AI on the app.
The company announced the update in a blog post on WhatsApp’s website on Wednesday, noting that even the Meta company can no longer read conversations between users and Meta AI after introducing the AI feature.
Chatting with AI has become a critical part of how people get information and ask important questions, even on social media platforms.
Many of these questions can be deeply sensitive or include private financial, personal, health, or work-related data.
Meta said it is extending its privacy features to chats with Meta AI, following the introduction of end-to-end encryption ten years ago, which ensures privacy in conversations between two users.
The incognito chat feature is different from end-to-end encryption; it ensures privacy between users and Meta AI.
“Today we’re launching Incognito Chat with Meta AI, a new way to have completely private conversations with AI,” the tech giant said, noting that the privacy feature allows WhatsApp users to talk to Meta AI in a way that is invisible to anyone else.
It explained that the newly launched Incognito feature allows chats to disappear after conversations, enabling users to explore and think through their ideas privately.
The conversation will end if users close the app or lock their phone, and Meta AI will lose the context of the discussion.
Meta joins ChatGPT, Claude, Protons, and other tech companies that offer chatbots in incognito mode.
“Other apps have introduced incognito-style modes, but they can still see the questions coming in and the answers going out. Incognito Chat with Meta AI is truly private; no one can read your conversation, not even us.
“Since we started exploring bringing AI to WhatsApp, we’ve been focused on how to deliver this power privately, at a global scale. When you start an Incognito Chat with Meta AI, you’re creating a private, temporary conversation that only you can see.
“Your messages are processed in a secure environment that even Meta cannot access. Your conversations are not saved and, by default, your messages disappear, giving you a space to think and explore ideas without anyone watching,” the company stated.
WhatsApp users can activate an incognito session by tapping on a new icon in one-on-one chats with Meta AI. The company said the feature will also be available on other Meta-owned apps, including Instagram, Facebook, and Messenger, in the coming months.
READ ALSO: EXCLUSIVE: Inside Nigeria’s deal to write off $32.8 million fine against Meta
Side chat
The tech firm said it will also launch ‘Side Chat’ in the coming months, which will offer users private help with any chat as private ways of interacting become part of users’ daily routines.
“We believe this private way of chatting has the potential to become one of several ways people interact with AI on WhatsApp. In the coming months, we’ll also introduce Side Chat protected by Private Processing.
“Side Chat with Meta AI will give you private help with any chat, with the context of what’s being discussed, without disrupting the main conversation.
“We remain committed to delivering privacy for the world. Incognito Chat with Meta AI is rolling out on WhatsApp and the Meta AI app over the coming months,” the company said.
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