The Lagos State Government on Monday said it had paid over N2bn this year in insurance cover for public servants in the state.

The Commissioner for Finance, Dr Rabiu Olowo, said this during a press briefing to mark the Lagos State Civil Service Insurance Week in Alausa, Ikeja, stating that the money was meant for both life and non-life insurance cover of employees.

He said, “We have over 73,000 employees on our data base and all these employees are covered under the life insurance. I can affirm to you that this year alone, we have paid over N2bn premium to cover life and non-life insurance and that speaks of the importance of insurance to us in Lagos.”

Olowo explained that the government insured workers to manage risks in the state.

“The gesture of the Lagos State Government is in line with the present administration’s commitment to ensuring adequate care for its workforce while serving and after retirement. Lagos State 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.

“Insurance is compulsory in Lagos state for life and non-life insurance asset because it is one of the ways that we manage risk; it is not an issue of option for anyonem particularly the state civil servants,” he added.