The Lagos State Government has unveiled the Lagos State Building Insurance Scheme (LASBIS), a new initiative aimed at improving compliance with compulsory building insurance regulations, safeguarding property owners and occupants, and reducing the risks associated with building failures across the state.
The scheme, launched under the administration of Governor Babajide Sanwo-Olu, is designed to promote a safer built environment by ensuring that property owners obtain the mandatory insurance coverage required under existing laws. The initiative is also expected to provide financial protection for property owners, residents and other stakeholders in the event of building-related accidents or structural failures.
According to the state government, LASBIS is part of broader efforts to address the recurring challenge of building collapse in Lagos through stricter enforcement of safety standards, increased public awareness and improved compliance with regulatory requirements.
Officials explained that the insurance scheme will encourage responsible property development while ensuring that victims of building-related incidents are adequately protected from the financial consequences of such disasters. The initiative also seeks to reinforce confidence in the state’s real estate sector by promoting accountability and risk management.
The government noted that compulsory building insurance remains a key legal requirement for certain categories of buildings, stressing that wider compliance would help reduce losses arising from unforeseen structural failures and other construction-related risks.
Governor Sanwo-Olu’s administration has continued to implement reforms aimed at improving urban planning, building control and public safety as Lagos experiences rapid population growth and increased construction activities.
The introduction of LASBIS is expected to complement existing measures by relevant state agencies to enforce building regulations, encourage safer construction practices and protect lives and property. The government urged developers, property owners and other stakeholders to embrace the scheme, describing it as an important step towards creating a more resilient, secure and sustainable built environment for all Lagos residents.
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