The Lagos State government says it has spent N2 billion on insurance premium on both life and non-life insurance for its workforce in 2021.
Also, in a bid to deepen insurance penetration in Lagos and among its workforce, the state government has kick-started the maiden edition of its insurance week.
Rabiu Olowo, commissioner for finance flagged off the insurance week at a press briefing on Monday. He said the insurance week was conceptualised to underscore the importance of insurance, educate the populace about government’s huge commitment in insuring its workforce from the beginning of their career in the civil service till their retirement and event in death.
“This insurance week will explore the various advantages and benefits of insurance to the entire workforce,” Olowo said.
“To this end, we have identified the need for more sensitization and education on insurance and how civil servants and the entire populace can key into the abundant opportunities in insurance,” he added.
He noted that the present administration is committed to ensuring adequate care for its workforce while serving after retirement.
“Lagos over the years has continued to insure its staff with regular payment of premium to cater for them during service and also payment of the death benefits by the insurance companies to deceased’s beneficiaries,” he said.
Read also: Lagos commences insurance week to deepen penetration
He stressed that the state cannot continue to use its resources meant for development on compensations insurance would have catered for if the properties were insured.
He cited an example during the ENDSARS protest where properties were destroyed and markets burnt, noting that the state had to spend millions of naira on compensations it ought not to if the properties were insured.
“The cases of calling on government at all times for compensation over some natural disasters or unfortunate incidences can become a thing of the past when we have necessary insurance cover for ourselves, businesses, and property,” he said.
“By this, the resources at the disposal of government can be channelled towards other developmental projects instead of paying compensations that ordinarily could have been undertaken by insurance companies,” he added.
The commissioner noted that the concept for the insurance week with the theme ‘If you can be insured; we’ll bear your risk’, came into fruition following the discovery that a large percentage of the state’s civil servants are unaware of the existence of a professional insurance department domicile at the ministry of finance.
He appreciated Governor Babajide Sanwo-Olu for approving the maiden edition of the ‘Lagos State Civil Service Insurance Week.’
