Lagos State has engaged a total of 170 insurance institutions in its efforts to provide adequate coverage for its workforce.
Those involved are 150 brokerage firms and 20 underwriters, providing the group life and group personal accident covers for the state’s workers.
Governor Babajide Sanwo-Olu disclosed at the 47th African Insurance Organisation (AIO)Conference and General Assembly in Lagos, Nigeria.
The Governor who was represented by the Commissioner for Finance, Lagos State, Rabiu Olowo said over 150 insurance broking companies have been appointed to serve as intermediaries to over 20 insurance firms to provide end to end risk management services for all classes of insurance in the state.
The state government has drawn lessons from October 2020 EndSARS protest which was described as a test. This was responsible for the enlarged insurance24th-century coverage
“We are grateful to insurers for taking responsibility and it proves that insurance is working in Nigeria” noted Governor Sanwo-Olu.
He further revealed that the state has put in place several emergency response agencies as its population keeps growing to safeguard the life of over 22 million citizens.
He thereafter implored Nigerians to buy insurance products to safeguard against losses that will arise from unforeseen eventualities.
“Lagos can not afford to shy away from the services of the insurance sector, this is why we have continued to partner with various insurance bodies and associations in the enlightenment of our people on the benefits of insurance and mitigating loses from unforeseen occurrences.”
“I assure you of our commitment to work closely with the insurance sector in our quest to rebuild a resilient and 24th-century economy. Our door is open to welcome your ideas and innovations,” he said.
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