Lagos pays N2bn Insurance Premium to workers

Olowo 1

Olowo and others at the event

The Lagos State Government on Monday says it has paid N2 billion Insurance premium to its employees in the last one year.

Commissioner for Finance, Dr.Rabiu Olowo disclosed this at a news conference on the maiden edition of Lagos State Insurance Week, starting which started on Monday (today).

He said the week was conceptualised to underscore the importance of educating the populace about government’s huge insurance, commitment in insuring its workforce from the beginning of their career in the civil service till their retirement and event in death.

According to Olowo, “We have life and non-life insurance and that is very compulsory. We have over 73,000 employees on our database from the ministries and all these employees are covered under life insurance.

“Insurance is compulsory in Lagos State for life and non life insurance assets because that is the one way we manage a lot of risk. I can affirm to you that this year alone we have paid over N2 billion in insurance premium to cover life and non life. That speaks to the importance of insurance.”

Olowo added that the practice of calling on the government at all times for compensation over some natural disasters or unfortunate incidents could become a thing of the past if the people have necessary insurance cover for themselves, businesses and property.

He said by this, the resources at the disposal of the government could be channelled towards other developmental projects instead of paying compensations that ordinarily could have been undertaken by insurance companies.

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The commissioner commended Governor Babajide Sanwo-Olu for graciously approving this maiden edition of the insurance week with the theme, “If you can be insured; we’ll bear your risk.”

He said the government was already setting the pace in the area of insurance, urging Lagosians to also embrace the initiative by taking necessary insurance cover that suited them and lessen the worries on government.

Olowo stated that the insurance week would explore the various advantages and benefits of insurance to the entire work force.

He said to this end, government had identified the need for more sensitization and education on insurance and how civil servants and the entire populace could key into the abundant opportunities in Insurance.

“As a matter of fact, a week-long event has been slated for the celebration of this Insurance Week. Other activities apart from this Press Conference holding now are as listed below:

“Specifically, there is a lecture on: Effect of Insurtech on Insurance Consumers’ and would be delivered by Mr. Eric Idiahi, Chairman Tangerine Group (Partner Inverod Capital) and another lecture on: “To Insure or not to Insure: The Role of insurance in Managing Societal Risk” and this Lecture would be delivered by: Dr. Musa Adebayo Obalola, Associate Professor, Department of Actuarial Science & Insurance, University of Lagos.”

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