Lagos Launches Africa's First Digital Building Insurance

The Lagos State Government, in partnership with VEDA Technology and key stakeholders in the insurance industry, has launched the Lagos State 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 significant rise in fire incidents, including the devastating Christmas Eve fire that destroyed the Great Nigeria Insurance Building.

Over the past year, Lagos recorded more than 1,685 fires, leading to property losses estimated at ₦19.7 billion. LAGBIS introduces a technology-enabled system to make building insurance more accessible and strengthen compliance with mandatory insurance laws.

The program integrates four pillars: 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 to include all licensed insurers by the end of 2026.

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