December 2, 2022

Celebrating Excellence & Integrity


Lagos pays N2b insurance premium for workers

Posted by Godwin Onyemaechi

Lagos State Government has paid about N2billion as insurance premium for civil servants this year, Finance Commissioner Rabiu Olowo has said.

He said the premium covered life and non-life insurance.
The commissioner addressed State House correspondents yesterday as part of activities to mark the Civil Service Insurance Week.

He said insurance is compulsory for civil servants.

Said he: “This gesture is in line with the current administration’s commitment in ensuring care for its workforce while serving and after retirement. Lagos State, over the years, has continued to insure its workers with regular payment of premium to cater for them during service, and also payment of death benefits.

“This insurance week came into fruition following discovery that many of the workers are not fully aware of the existence of a professional insurance department in the Ministry of Finance and, as such, have not been maximising the role being performed by this department.
“The insurance department provides professional risk advisory to the state. It also coordinates the 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 advantages and benefits of insurance to the workforce. We have identified the need for more sensitisation and education on insurance, and how civil servants and the populace can key into the abundant opportunities in insurance.
“Insurance is one of the ways we manage risk in Lagos State. It is not an issue of optionality or so. We have life and non-life insurance and that is very compulsory.

“This year alone, we have paid over N2 billion in insurance premium to cover life and non-life insurance. We saw the benefit of engaging in insurance during the COVID-19 pandemic and #EndSARS protest.

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