Lagos insures 73,000 workers, pays N2b premium this year

Lagos State government said over N2 billion has been paid as a premium for life and non-life insurance policies for its 73, 000 workers in the year.

The Commissioner for Finance, Dr. Rabiu Olowo, who said this at a press briefing on the maiden ‘Lagos State Civil Service Insurance Week’, stated that the gesture is in line with the present administration’s commitment to ensuring adequate care for its workforce while serving and after retirement.

The commissioner implored residents to appreciate insurance as the state government has continued to reap the benefits of massive investment in insurance.

Olowo said an effort geared towards sensitisation was directed at instituting the culture of insurance consciousness among government officials and the citizens.

He said the benefits of l investments paid off for the state government at the heels of unknown risks, which took place with such events as the wanton destruction that trailed the #ENDSARS protest as well as limitations posed by the COVID-19 pandemic.

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

Olowo stated that 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 in death.”

The commissioner said the 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.

According to him, the concept for the 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 provides professional risk advisory to the state; it also coordinates 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 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.”