Lagos insures 73,000 workers, pays N2bn premium

Lagos State Government has paid over N2bn as premium for life and non-life insurance this year for its 73,000 workforce.

The Commissioner for Finance, Dr Rabiu Olowo, at a press briefing on the maiden ‘Lagos State Civil Service Insurance Week’ on Monday, stated that the gesture was in line with the Governor Babajide Sanwo-Olu administration’s commitment to the welfare of the workers, in and after service.

He, therefore, implored residents to appreciate insurance, as “the state government has continued to reap the benefits of massive investment in insurance.”

Olowo said sensitisation efforts were directed at instituting the culture of insurance-consciousness among government officials and citizens.

He said the benefits of insurance investment paid off for the state after the #EndSARS protests last year as well as the Coronavirus Disease crisis.

“By this, the resources at the disposal of government can be channelled towards other developmental projects, instead of paying compensation that ordinarily could have been undertaken by insurance companies,” he said.

The State Insurance Week, which commenced on Monday, 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 of death, he added.

According to him, the concept of the insurance week, themed ‘If you can be insured; we’ll bear your risk’, came into fruition following the discovery that a large chunk of the state’s workforce was not fully aware of the existence of a professional Insurance Department in the Ministry of Finance and as such have not been maximising the crucial role of the department.

His words, “The Insurance Department provides professional risk advisory to the state. It also coordinates the various insurance policies and packages of the state. The task of insuring vehicles, buildings, electronics, computers, firefighting equipment, 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 workforce. To this end, we have identified the need for more sensitisation and education on insurance and how civil servants and the entire populace can key into the abundant opportunities in Insurance.”

Qualified insurance professionals, he noted, have been slated to speak on different insurance topics in relationship with the theme for the Week.

“The Lagos State government is already setting the pace in the area of insurance. Lagosians are also expected to embrace this initiative by taking necessary insurance cover that suits them. This way, we can help lessen the worries on government,” he said.

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