In order to tackle the risks associated with the lack of awareness in insurance, the Lagos State Government is seeking support from insurance operators in the state.

Speaking at the unveiling of Plum Insurance Brokers House in Lagos, the Lagos State Governor, Babajide Sanwo-Olu expressed his willingness to use insurance to enhance the well-being of people by protecting their lives and material assets against unforeseen loses.

According to Sanwo-Olu, the only way to improve citizens’ life expectancy, tackle the alarming rate of poverty and ameliorate the effect of disasters in the society was to embrace insurance as a risk management mechanism.

Lagos State Government seeks partnership with insurance operators 
Dr. Obafemi Hamzat

The governor, who was represented by the Deputy Governor of the State, Dr Obafemi Hamzat called on stakeholders and operators in the insurance sector, especially insurance brokers to introduce a sustainable health insurance scheme, not only for the elite but all citizens of the state.

Creating awareness: Sanwo-Olu advised insurance operators to find simplified means of creating awareness by getting people from all levels or classes informed, both the rich, poor, educated and uneducated. He added that low life expectancy in Nigeria is due to poor health insurance scheme and that needs to be changed.

“You will be surprised that 80 to 90% do not have insurance. We cannot build a system; neither can we build a state that is sustainable without insurance and effective risk mitigation devices.

“As a people, we know that our life expectancy is 52 years. Libya, after a series of war, still has life expectancy of 78 years, so what is wrong? To me, it is lack of insurance; we do not have health insurance. And that goes for everything,” he said.

[READ MORE: Lagos and CBN in proposed partnership to boost SME’s contribution to economic development]

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What you should know: There have been moves to reawaken the insurance sector in recent times. While the Lagos State Government is keen on making citizens maximise the advantages of insurance, the Federal Government is interested in solving the challenges that have crippled the sector such as low investments.

A report by Coronation Research disclosed that Nigeria’s insurance industry had not shared in the growth experienced by other sectors as it has hardly grown in real terms over the past 10 years.

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