Lagos Holds ‘Insurance Week’ To Educate Workers, Others On Insurance Benefits

Lagos State Governor, Mr. Babajide Sanwo-Olu

In a bid to sensitize its workforce and residents of Lagos State on the benefits of insurance, the Lagos State Government is Organising a-four-day insurance awareness programme tagged “Lagos State Insurance Week” to this effect.

The programme of the event which commenced today with a press conference in Alausa Lagos is as follows: ‪Tuesday, 24th‬ & ‪Wednesday, 25th August, 2021‬, Lectures/ Exhibitions at Adeyemi Bero Auditorium, Alausa, by ‪10:00am‬ daily; ‪Thursday, 26TH August, 2021‬ is the grand finale at De Blue Roof, Lagos Television, Ikeja by 10:00am where His Excellency, the Governor of the state Mr Babajide Sanwo-Olu is expected to be the Special Guest of honour.

Addressing journalists during a press conference held today in Alausa Lagos to Mark the commencement of the event, the honourable Commissioner for Finance, Dr. Rabiu Olowo explained the rationales behind the Lagos State Insurance Week.

He said the event is part of the present administration’s efforts towards instituting the culture of insurance consciousness among government officials and the citizenry as a whole just as he defined insurance as “the way through which an individual or organisation protect themselves against unfortunate incidents of life including death,” adding that “having appropriate insurance cover, cannot be over emphasised, being the acceptable practice across the globe.”

Dr Olowo explained that Lagos State Insurance Week “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.”

This gesture of the Lagos State Government, according Dr Olowo, “is in line with the present administration’s commitment in ensuring adequate care for its workforce while serving and after retirement,” adding that “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.”

The Commissioner for Finance said “the concept for this 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 said the insurance week will explore the various advantages and benefits of insurance to the entire work force, noting that “We have identified the need for more sensitization 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.”

Dr. Olowo said they have invited qualified Insurance professionals to speak on different insurance topics in relationship with the theme for this Insurance Week: ‘If you can be insured; we’ll bear your risk’.

To deliver a lecture on: ‘Effect of Insurtech on Insurance Consumers’ would be Mr. Eric Idiahi, Chairman Tangerine Group (Partner Inverod Capital) while Dr. Musa Adebayo Obalola, Associate Professor, Department of Actuarial Science & Insurance, University of Lagos will speak on “To Insure or not to Insure: The Role of insurance in Managing Societal Risk.”

While noting that the Lagos State Government is already setting the pace in the area of insurance, he said 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 with insurance in place “the 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 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.

Dr Olowo assured that the Lagos 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.