THE Lagos State Government says it has paid N2bn insurance premium to its employees in the last one year.
Lagos state Commissioner for Finance, Dr.Rabiu Olowo, disclosed this at a news conference during the maiden edition of Lagos State Insurance Week.
He noted that the week was actualised to underscore the importance of educating the public about government’s huge insurance and commitment in insuring its workforce from the beginning of their career in the civil service till their retirement.
The commissioner said, “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 N2bn in insurance premium to cover life and non life. That speaks to the importance of insurance.”
Olowo added that calling on the government 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 the resources at the government’s disposal could be channelled towards other developmental projects instead of paying compensations that ought to have been undertaken by insurance companies.
Olowo commended Governor Babajide Sanwo-Olu for approving the maiden edition of the insurance week with the theme, “If you can be insured; we’ll bear your risk.”
He explained the government’s readiness towards insurance and advised Lagosians to embrace the initiative by insuring what is important to them to lessen the burden 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 sensitisation and education on insurance and how civil servants and the entire populace could key into the opportunities in insurance.