Lagos State Launches Innovative Building Insurance Scheme

The Lagos State Government, in collaboration with VEDA Technology and key stakeholders in the insurance industry, launched the Lagos Building Insurance Scheme (LAGBIS). This initiative introduces a technology-enabled system aimed at making building insurance more accessible and ensuring compliance with mandatory insurance laws.

The launch comes in response to over 1,685 fires recorded in Lagos over the past year, resulting in property losses estimated at N19.7 billion. The LAGBIS platform utilizes address intelligence, cadastral mapping, satellite imagery, and digital building records across Lagos’ 20 local government areas to streamline mandatory building insurance and enhance regulatory oversight.

It integrates the Nigerian Insurance Industry Database (NIID) and the Electronic Physical Planning Permit System (EPPPS), allowing for near-instant policy issuance and compliance monitoring. Mr.

Sam Egube, Deputy Chief of Staff to Governor Babajide Sanwo-Olu, described the initiative as a significant institutional reform. The state aims to protect 500,000 buildings in the first phase, leveraging a digital database of approximately three million mapped buildings.