Lagos State government on Monday said it has paid N2 billion for Insurance in the last one year.
Commissioner for Finance, Mr Rabiu Olowo made this known at a press briefing in Alausa where he briefed the press on the Lagos Insurance Week which starts on Monday.
He said: “We have life and non-life insurance and that is very compulsory for every staff. We have over 73,000 employees on our data base from the ministries and all these employees are covered under the life insurance.
“Insurance is compulsory in Lagos State for life and non life insurance asset because that is the one way we manage a lot of risk.”
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 residents.
The theme for the week-long event is: “If you can be insured; we’ll bear your risk.”
According to the commissioner, there will be lectures/exhibitions on Tuesday, 24th and Wednesday, 25th August, 2021, at Adeyemi Bero Auditorium, Alausa.
The grand finale will be on Thursday, 26th of August, 2021 where the Governor 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.”