Lagos State government yesterday revealed that it had paid N2 billion Insurance premium to its workers in the last one year.
The state’s commissioner for Finance, Dr. Rabiu Olowo, disclosed this at a press conference on the maiden edition of Lagos State Insurance Week, which started yesterday, saying the week 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.
Olowo said,”We have life and non-life insurance and that is very compulsory. We have over 73,000 employees on our database from the ministries and all these employees are covered under life insurance.
“Insurance is compulsory in Lagos State for life and non-life insurance assets because that is the one way we manage a lot of risk. I can affirm to you that this year alone we have paid over N2billion in insurance premium to cover life and non-life. That speaks to the importance of insurance.”
The commissioner explained that the practice of calling on the government at all times for compensation over some natural disasters or unfortunate incidents could become a thing of the past if the people had necessary insurance cover for themselves, businesses and property.