The Lagos State Government has launched the Lagos Building Insurance Scheme (LAGBIS), a new digital initiative designed to make building insurance mandatory, strengthen safety compliance and protect property owners, occupants and third parties against major risks.
The scheme was launched in collaboration with VEDA Technology and key stakeholders in the insurance industry. It is intended to provide insurance protection against risks including fire, building collapse and flooding, while improving regulatory oversight of properties across the state.
Under the initiative, compulsory insurance will apply to buildings above one storey, including relevant construction sites.
The Lagos State Building Control Agency (LASBCA) will be responsible for monitoring and enforcing compliance. Officials have also warned that commercial properties such as hotels and banks operating without the required insurance could face sanctions, including closure.
The digital platform is designed to simplify the process of obtaining insurance and verifying compliance. It uses technologies including address intelligence, cadastral mapping, satellite imagery and digital building records covering Lagos’ 20 local government areas.
LAGBIS also connects with the Nigerian Insurance Industry Database (NIID), LASBCA’s compliance framework and the Electronic Physical Planning Permit System (EPPPS).
This integration is expected to allow insurance policies to be issued and verified digitally, while valid policies will generate insurance compliance certificates for regulatory inspections.
At the launch, Deputy Chief of Staff to Governor Babajide Sanwo-Olu, Sam Egube, who represented the governor, described the initiative as an institutional reform aimed at improving confidence in Lagos’ built environment.
He stressed that development must go hand in hand with safety and accountability, noting that the success of urban development should not only be measured by how much is built but also by how effectively lives and property are protected.
The first phase of the programme targets 500,000 protected buildings, with the state drawing on a digital database containing approximately three million mapped buildings across Lagos.
Nine insurance companies licensed by the National Insurance Commission (NAICOM) are initially underwriting policies through the platform, with participation expected to expand before the end of 2026.
The government says the initiative is part of a broader effort to create a safer and more resilient Lagos.
By combining insurance, building regulation, public education and digital enforcement, authorities hope to reduce the financial impact of disasters while encouraging property owners to take greater responsibility for the safety of their buildings.
For property owners, the new system means building insurance will increasingly become an important part of maintaining regulatory compliance in Lagos, particularly for multi-storey and commercial properties.
The government is expected to intensify enforcement as the scheme expands.
