- Outlines events to mark maiden edition of Insurance Week
Lagos State government said on Monday it has made payment worth over N2 billion in lieu of the insurance asset of the State’s civil servants in the last eight months.
The government disclosed that the premium payment covers life and non-life insurance schemes of about 73,000 public servants.
Lagos State Commissioner for Finance, Dr Rabiu Olowo, made the disclosure at a briefing to herald the maiden edition of the Lagos State Civil Service Insurance Week at the Bagauda Kaltho Press Centre, Alausa Ikeja.
The week-long activities with the theme, “If you can be insured; we’ll bear your risk,” according to the Commissioner was in partnership with over 120 insurance brokers who will cater for the Lagos public servants and other residents.
“In Lagos, we have over 73,000 employees on our data base from the ministries and all these employees are covered under the life insurance.
“I can affirm to you that this year alone, we have paid over N2 billion in insurance premium to cover life and non-life and that speaks to the importance of insurance to us in Lagos.
Despite the achievements, he said the State wants to re-envision the issue of insurance so as to make it culturally acceptable by everyone.
“We have also seen the benefits of engaging in insurance activities, particularly during COVID-19 and the civil unrest where Lagos was the epicenter, where government assets were destroyed and in some cases our staff sustained injuries,” he said.
The Commissioner explained that the Lagos State Insurance Week was conceptualised to underscore the importance of insurance, educate the populace about government’s huge commitment to insuring its workforce from the beginning of their career in the civil service till their retirement and event in death.
According to him, “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.
“Insurance is compulsory in Lagos State for life and non life insurance assets because it is one of the ways that we manage risk in Lagos State and it is not an issue of optionality for anyone particularly the civil servants.”
The Commissioner stressed that the state government had enjoyed the real essence and value proposition of insurance in the last few years and would further it’s commitment to ensuring that insurance activities are strengthened in the State.
He said: “Today it places huge burden on government when we have fire incidences in the market place, all the burden comes back to the government in paying compensation that would have ordinarily been taken care of by the insurance companies.
“What happens in other climes is that once people are able to imbibe the principle of insurance, the insurance industry takes care of those claims and government can use those money to build hospitals, roads, and other developmental activities and that is why we can not understate the value of the insurance. That is why we are doing this sensitisation and advocacy.”
He maintained that the Insurance Directorate of the Ministry of Finance was rendering risk advisory services for all ministries, departments and agencies of government as well as market associations.
Earlier, the Commissioner For Information and Strategy, Gbenga Omotosho, who was represented by the Permanent Secretary in the Ministry, Shina Thorpes, said insurance was very key to business and the 21st century economy as its advantages could not be over-emphasised.
He said the Lagos State Government has been proactive in that regard.
Also speaking on the event, the Permanent Secretary, Ministry of Finance, Mrs. Oyeyemi Ayoola, said the maiden Insurance Week shows that the leadership of the Ministry was embracing new initiatives that will further promote credible governance and position Lagos State as a 21st Century compliant State.
She added that the approval of the event by Governor Babajide Sanwo-Olu demonstrated his belief in the culture of insurance and most importantly his love for the security of lives and property of the entire State workforce and Lagosians in general.
The one-week event will include lectures and exhibitions on Tuesday and Wednesday at Adeyemi Bero Auditorium, Alausa.
The grand finale will be on Thursday, August 26, at the Blue Roof, LTV, Ikeja.
Governor Sanwo-Olu will be in attendance on the closing day as the Special Guest of Honour.