LASG spends over N2bn on insurance premium in 2021
By Moses Adeniyi
The Lagos State Government, has invested over N2billion on insurance premiums for life and non life coverings, Nigerian NewsDirect has gathered.
According to the State’s Commissioner for Finance, Dr. Rabiu Olowo, who spoke at a Press Conference to kick start a maiden edition of sensitisation of its employees tagged “Lagos State Civil Service Insurance Week,” the State Government has continued to reap the benefits of massive investment in insurance.
The State Government on Monday commenced a week long conference aimed at sensitising civil servants under the State’s employment over the significance of insurance.
The gesture, the State Government said is in line with the present Administration’s commitment in ensuring adequate care for its workforce while serving and after retirement.
Olowo mentioned that the benefits of the investments paid off for the State Government at the heels of unforseen losses 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.
According to the Commissioner, the effort towards the sensitisation was directed towards instituting the culture of insurance consciousness among government officials and the citizenry at large.
Olowo said with sensitisation, cases of calling on government at all times for compensation over some natural disasters or unfortunate incidences can become a thing of the past if necessary insurance cover are made for persons, businesses and properties.
“By this, the resources at the disposal of government can be channelled towards other developmental projects instead of paying compensations that ordinarily could have been undertaken by insurance companies,” he said.
Olowo mentioned that the Lagos 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.”
According to the Commissioner, the 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.
He mentioned that 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.”
He added: “The Insurance Department provide professional risk advisory to the State. The Insurance Department also co-ordinate 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 work force.
“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.”
According to him, qualified Insurance professionals have been slated for lectures to speak on different insurance topics in relationship with the theme for the Insurance Week.
“The Lagos State Government is already setting the pace in the area of insurance, it is expected that Lagosians also embrace this initiative by taking necessary insurance cover that suits them, this way, we can help lessen the worries on government,” he said.
He however appreciated the State Governor, Mr. Babajide Sanwo-Olu, for “graciously approving this maiden edition of ‘Lagos State Civil Service Insurance Week.’”
Mentioning that the sensitisation would be sustained, he said the maiden edition of the Insurance week, “will not be the first and the last as it will continue to be an annual event that will bring all relevant stakeholders together to continue to educate and inform the generality of the workforce and the public on the new trend and happenings in the industry.”
