The Lagos State Government, in collaboration with VEDA Technology and key stakeholders across the insurance industry, has launched the Lagos Building Insurance Scheme,(LAGBIS), LAGBIS introduces a technology-enabled system designed to make building insurance more accessible while strengthening compliance with mandatory insurance laws.

This development is against a backdrop of more than 1,685 fires recorded across Lagos in the past year and property losses estimated at N19.7 billion.

Developed by VEDA Technology, the Lagos Building Insurance Platform leverages address intelligence, cadastral mapping, satellite imagery and digital building records across Lagos’ 20 local government areas to simplify mandatory building insurance and strengthen regulatory oversight. The platform integrates the Nigerian Insurance Industry Database (NIID), LASBCA’s compliance framework and the Electronic Physical Planning Permit System (EPPPS), enabling near-instant policy issuance, verification and digital compliance monitoring.

Every valid policy issued through the platform automatically generates an insurance compliance certificate verifiable by LASBCA during inspections.

d compliance, the initiative will be supported by sustained public education campaigns to ensure building owners and occupiers understand mandatory insurance requirements, available cover, and the claims process, reinforcing a culture of protection rather than punishment.

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The Deputy Chief of Staff to the Governor of Lagos State, Mr. Sam Egube, who represented Governor Babajide Sanwo-Olu at the launch, described the initiative as a major institutional reform that strengthens public confidence and improves urban resilience. He said that was being launched was not just a scheme but the strengthening another institution that would deepen confidence in Lagos as a safe, responsible and globally competitive city.

In his own remarks, the Chief Executive Officer of VEDA Technology, Bode Pedro, said the platform was developed through extensive collaboration between government, regulators, insurers and technology partners to remove longstanding barriers to mandatory building insurance.

“What we have built is more than a technology platform. It is a digital ecosystem designed to make building insurance simpler, more transparent and accessible for every eligible building owner while strengthening public confidence in the insurance system,” he said.

Pedro noted that insurance only delivers value when claims are honoured, adding that the platform was intentionally designed to simplify policy issuance, improve transparency and support faster recovery following insured losses.

“Insurance is only valuable when valid claims are paid. The policy is the document. The claim is the promise.”

The state aims to protect 500,000 buildings in the first phase of implementation, drawing on a digital database of approximately three million mapped buildings across Lagos State.

Unlike conventional insurance initiatives, LAGBIS integrates four critical pillars: insurance, compliance, public education, and enforcement, into a single digital ecosystem. Under the pilot phase, nine NAICOM-licensed insurance companies are underwriting policies issued through the platform, with participation expected to expand to all licensed insurance companies before the end of 2026. While insurers provide insurance cover and manage claims, the Lagos State Building Control Agency (LASBCA) oversees compliance and enforcement through a secure digital verification system. The rollout also comes at a time when Nigeria’s insurance industry is projected to pay approximately one trillion naira in claims in 2026, highlighting the scale and capacity of the sector supporting the initiative. (This Day News)

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