Lagos Launches Africa’s First Fully Digital Building Insurance Scheme, Targets 500,000 Buildings in First Phase
The Lagos State Government has officially launched the Lagos Building Insurance Scheme (LAGBIS), Africa’s first fully digital building insurance, compliance, and risk management programme designed to protect lives, properties, and investments across the state.
The initiative, developed in partnership with VEDA Technology and key stakeholders within Nigeria’s insurance industry, introduces a technology-driven system that makes mandatory building insurance easier to obtain while strengthening compliance with existing insurance regulations.
Government officials say the programme is expected to significantly improve public safety by reducing the financial impact of disasters such as fires, floods, and building collapses.
Lagos Responds to Rising Fire Incidents and Property Losses
The launch comes after a series of destructive fire outbreaks across Lagos, including the Christmas Eve inferno that destroyed the Great Nigeria Insurance Building on Martins Street, Lagos Island, leaving hundreds of shops in ruins and causing billions of naira in losses.
According to state figures, Lagos recorded more than 1,685 fire incidents over the past year, with estimated property losses reaching approximately ₦19.7 billion.
Officials believe the new digital insurance programme will encourage more building owners to comply with mandatory insurance laws while providing financial protection when disasters occur.
Digital Platform Simplifies Building Insurance
Unlike traditional insurance programmes, LAGBIS combines several key services into a single digital platform, including:
- Building insurance registration
- Compliance monitoring
- Policy verification
- Insurance certificate issuance
- Public education
- Regulatory enforcement
The system allows property owners, developers, and other stakeholders to obtain mandatory insurance online while enabling government agencies to verify compliance instantly.
During the pilot phase, nine NAICOM-licensed insurance companies are underwriting policies through the platform. Authorities say additional insurers will be integrated before the end of 2026.
Advanced Technology Powers the New Insurance System
Developed by VEDA Technology, the platform uses modern digital mapping tools to improve insurance administration across Lagos.
Among its core technologies are:
- Address intelligence
- Digital cadastral mapping
- Satellite imagery
- Electronic building records
The platform also integrates with:
- Nigerian Insurance Industry Database (NIID)
- Lagos State Building Control Agency (LASBCA) compliance framework
- Electronic Physical Planning Permit System (EPPPS)
This integration enables faster policy issuance, digital verification, and real-time compliance monitoring.
Every valid insurance policy generated through the system automatically produces a digital Insurance Compliance Certificate, which LASBCA officers can verify during inspections.
Lagos Targets 500,000 Buildings in First Rollout
The Lagos State Government plans to insure 500,000 buildings during the programme’s first implementation phase.
Officials say this target is supported by an existing digital database containing approximately three million mapped buildings spread across Lagos State’s 20 local government areas.
The initiative also aligns with Governor Babajide Sanwo-Olu’s THEMES development agenda by promoting safer urban development while protecting property owners, occupants, and third parties against risks including:
- Fire outbreaks
- Building collapse
- Flood damage
Government Says the Programme Will Strengthen Public Confidence
Speaking during the official unveiling, Deputy Chief of Staff to the Governor, Sam Egube, who represented Governor Babajide Sanwo-Olu, described the initiative as a major institutional reform that would strengthen public confidence in Lagos’ safety standards.
According to him, the programme is more than an insurance scheme, saying it represents another step toward making Lagos a safer, more responsible, and globally competitive city.
VEDA Technology Highlights Faster Claims and Greater Transparency
VEDA Technology Chief Executive Officer Bode Pedro said the platform was created through extensive collaboration between government agencies, insurance regulators, insurers, and technology partners.
According to Pedro, the goal is to remove longstanding barriers that have discouraged compliance with mandatory building insurance.
He noted that the digital ecosystem was specifically designed to simplify policy issuance, improve transparency, and make insurance more accessible for eligible property owners.
Pedro also stressed that insurance only fulfills its purpose when legitimate claims are paid promptly, adding that the platform has been built to support quicker recovery after insured losses by making documentation and verification more efficient.
