The Lagos State Government has launched the Lagos Building Insurance Scheme (LAGBIS), a digital platform designed to improve building insurance compliance and reduce the impact of fire, building collapse and flood risks across the state.
The scheme, unveiled in Lagos on Friday, was developed in partnership with VEDA Technology and stakeholders in Nigeria’s insurance industry. According to the state government, LAGBIS is Africa’s first fully digitised building insurance, compliance and risk management programme.
The initiative comes after a series of fire incidents in Lagos, including the Christmas Eve fire that destroyed the Great Nigeria Insurance Building on Martins Street, Lagos Island. The incident affected hundreds of shops and destroyed goods worth billions of naira.
Officials said the state recorded more than 1,685 fire incidents in the past year, with estimated property losses of ₦19.7 billion. They said the new platform is intended to make mandatory building insurance easier to
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