In the past three months, the Lagos State Government has continued to prioritize the financial well-being of families in the public service sector. This effort reflects its ongoing commitment to social welfare and long-term economic stability for its citizens.
The move comes as recent data highlights strong performance within Nigeria’s insurance sector. According to Nairametrics, 16 insurance companies are currently listed on the Nigerian Exchange, boasting a combined market capitalization of ₦434.6 billion.
As publicly traded entities, these companies are mandated to release both interim and full-year financial reports. For the financial year ending December 31, 2024, 15 out of the 16 listed insurers published their annual statements. They collectively reported ₦557.5 billion in premiums received from policyholders.
This surge in reported premiums signals growing trust and participation in insurance policies, which aligns with Lagos State’s drive to secure financial coverage and reduce vulnerabilities for public servants.
By reinforcing policies that promote insurance uptake and financial planning, Lagos aims to ensure better protection for its workforce and promote sustainable economic growth.
