Lagos Launches Africa's First Digital Building Insurance

The Lagos State Government, in collaboration with VEDA Technology and key stakeholders in the insurance industry, has launched the Lagos Building Insurance Scheme (LAGBIS), Africa's first fully digitized building insurance, compliance, and risk management program. This initiative aims to protect 500,000 buildings and enhance public safety in response to a series of devastating fires, including the significant Christmas Eve fire at the Great Nigeria Insurance Building, which resulted in substantial property losses.

Over the past year, Lagos recorded more than 1,685 fires, leading to estimated property losses of ₦19.7 billion. LAGBIS introduces a technology-enabled system to improve accessibility to building insurance while ensuring compliance with mandatory laws.

The program integrates insurance, compliance, public education, and enforcement into a single digital ecosystem. During the pilot phase, nine NAICOM-licensed insurance companies will underwrite policies, with plans for broader participation by 2026.

The Lagos State Building Control Agency (LASBCA) will oversee compliance through a secure digital verification system.