Lagos State Pays N2bn Insurance Premium In One Year—Olowo

…..Govt Advocates Insurance Consciousness, Commences Weeklong Programme

By Benjamin Omoike

Lagos State Government has taken another step forward in instituting the culture of insurance consciousness among its workforce and Lagosians.

Disclosing this on Monday, in a press briefing at the Bagauda Kaltho Press Centre, in Alausa, Ikeja, the state capital; Commissioner for Finance, Dr. Rabiu Olowo, stated that the gesture of the state government is in line with the present administration’s commitment in ensuring adequate care for its workforce while serving and after retirement.

“We are here today regarding our efforts towards instituting the culture of insurance consciousness among government officials and the citizenry as a whole. Insurance as we know, is the way through which an individual or organisation protect themselves against unfortunate incidents of life including death, and, as such, having appropriate insurance cover, cannot be over emphasised, being the acceptable practice across the globe.

“Today’s Press Conference on Lagos State Insurance Week, starting from today, was conceptualised to underscore the importance of educating the populace about government’s huge insurance, commitment in insuring its workforce from the beginning of their career in the civil service, till their retirement and even 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.”

Olowo added that, additionally, 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 maximising the crucial role being performed by this department in the Ministry.

On how much insurance premium had been paid by the government within the year, Olowo said: ” I can affirm to you that this year alone, we have paid over 2billion in insurance premium, to cover life and non life. That speaks to the importance of insurance. And just to speak a little bit further, we have seen the benefits of engaging in insurance activities, during Covid and civil unrest in Lagos, in which the state was the epicenter

“We have seen government property and asset destroyed, and in some cases, injuries to 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, and 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.

He added, “The Insurance Department provides professional risk advisory to the State. The Insurance Department also coordinates the various packages of the State. The task of ensuring 

that vehicles, buildings, electronics, computers, firefighting workforce, assets, as well as the welfare package of the entirety, is the responsibility of the Insurance Department.

“This insurance week will explore the various advantages and identify such to the entire work force. To this end, we have seen 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.

“As a matter of fact, a week-long event has been slated for the celebration of this Insurance Week. Other activities apart from this Press Conference holding now are as listed: Tuesday, 24 and Wednesday, 25 August, 2021 – Lectures/ Exhibitions Venue: Adeyemi Bero Auditorium, Alausa. Time: 10:00am daily. On Thursday, 26 August, 2021, will witness the Grand Finale, with venue being De Blue Roof, Lagos Television, Ikeja. Time: 10:00am.”

“Let me inform you that we have invited qualified Insurance professionals to speak on different insurance topics in relationship with the theme for this insurance week.

“Specifically, there is a lecture on: Effect of Insurtech on Insurance Consumers’ and would be delivered by Mr. Eric Idiahi, Chairman Tangerine Group (Partner Inverod Capital) and another lecture on: “To Insure or Not To Insure: The Role of insurance in Managing Societal Risk” and this Lecture would be delivered by Dr. Musa Adebayo Obalola, Associate Professor, Department of Actuarial Science & Insurance, University of Lagos.

“Also, activities for the week will climax on Thursday, August 26, 2021, where the Grand Finale of the event will hold with Mr Governor as the Special Guest of Honour at the event. With this event, it is hoped that cases of calling on government at all times for compensation over some natural disasters or unfortunate incidences can become a thing of the past, as we have necessary insurance cover for ourselves, businesses and property.

“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

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