Lagos State Goverment has paid not less than N2 billion premium insurance of its 73,000 workforce in the last one year.
The premiums payment covers life and non-life insurance schemes.
The State Commissioner for Finance, Dr Rabiu Olowo made the disclosure while delivering a press briefing at Bagauda Kaltho Press Centre, Alausa Ikeja.
The briefing, which was in partnership with over 120 insurance brokers, was to kick-start the maiden edition of ‘Insurance Week’ for Lagos public servants and the residents.
The theme for the week-long event is ‘If you can be insured; we’ll bear your risk.’
According to the Commissioner, Tuesday, 24th & Wednesday, 25th August, 2021, there will be Lectures/ Exhibitions at Adeyemi Bero Auditorium, Alausa.
The grand finale will be on Thursday, 26th of August, 2021 where the State Governor, Mr Babajide Sanwo-Olu will be in attendance as the Special Guest of Honour at the Blue Roof, LTV, Ikeja.
Olowo said, “Today’s Press Conference on Lagos State Insurance Week, starting from today, 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 gesture of the Lagos State Government is in line with the present administration’s commitment in ensuring adequate care for its workforce while serving and after retirement. Lagos State Government 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.
“Additionally, the concept for this insurance week with the theme: ‘If you can be insured; we’ll bear your risk’, came into fruition following the discovery that a large chunk of the State workforce is not fully aware of the existence of a professional Insurance Department domiciled in the Ministry of Finance and as such have not been maximizing the crucial role being performed by this department in the Ministry.
“The Insurance Department provide professional risk advisory to the State. The Insurance Department also co-ordinate the various insurance policies and packages of the State. The task of ensuring that vehicles, buildings, electronics, computers, firefighting equipment, other assets as well as the welfare package of the entire workforce is the responsibility of the Insurance Department.
“This insurance week will explore the various advantages and benefits of insurance to the entire work force. 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.
“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.
“The Lagos State Government is already setting the pace in the area of insurance, it is expected that Lagosians also embrace this initiative by taking necessary insurance cover that suits them, this way, we can help lessen the worries on government.
“In other words, 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 is we have necessary insurance cover for ourselves, businesses and property. 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,” the Commissioner stated.
