The Lagos State Government, on Monday, said over N2billion had been paid as insurance premium for its workers in 2021.
Dr Rabiu Olowo, Commissioner for Finance in the state, made this known at a news conference held in Ikeja on the Lagos State Insurance Week.
Olowo said that Lagos State had over 73,000 employees on its database, and they were covered under life insurance.
”I can affirm to you that this year alone, we have paid over N2billion in insurance premium to cover life and non life. That speaks to the importance of insurance.
”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 beneficiaries,” he said.
The commissioner said that insurance was one of the ways the state government managed risk in the state, hence, it was not optional.
”Insurance is compulsory in Lagos State for life and non life insurance asset because that is one of the ways we manage a lot of risk.
”We have seen the benefits of engaging in insurance activities, during COVID-19 pandemic and the civil unrest in Lagos,” Olowu said.
The commissioner said it was for this reason that the government identified the need for more sensitisation and education on insurance, hence, the planned maiden edition of the Lagos State Insurance Week.
According to him, the insurance week, slated for August 23 to 26, will educate on ways civil servants and the entire populace can key into the abundant opportunities in insurance.
”We have seen government property asset destroyed and in some cases, injuries inflicted on our staff and associates.
”We have enjoyed the real essence and value proposition of insurance, and the best we can do is to further our commitment to ensuring that our insurance activities are more strengthened.
”That is why we are doing this sensitisation and advocacy and we can see that it pays to pay insurance premium and we will continue to do so into the future,” Olowo said.
He stressed the need to institute the culture of insurance consciousness among government officials and the citizenry as a whole noting that having appropriate insurance cover could not be over emphasised as an acceptable practice across the globe.
