The National Insurance Commission has reiterated its commitment to enforcing compulsory insurance for public buildings and buildings under construction.
It said this is part of efforts to promote safety, risk management, and regulatory compliance in Nigeria’s built environment.
This was disclosed during the 4th meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, held on Wednesday, in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance (Finance and Administration), Ekerete Gam-Ikon, brought together stakeholders from the insurance industry, fire service, quantity surveying profession, and regulatory bodies to review the status of implementation and enforcement.
In his opening remarks, Gam-Ikon welcomed new committee members from the quantity surveying profession and provided an update on the commission’s enforcement strategy.
According to him, “We have commenced enforcement with third-party motor insurance, and we are now extending our efforts to public buildings and buildings under construction.”
He stressed the need for synergy between relevant agencies to ensure full compliance. “This work cannot be done in isolation. The collaboration with agencies like Development Control is crucial if we want to see real impact,” he added.
Other stakeholders, including the Nigerian Insurers and the Federal Fire Service, shared their perspectives on the need for proper documentation, risk assessment, and adequate coverage before approval and issuance of building insurance policies.
Gam-Ikon charged the Development Control unit to establish a comprehensive database of public buildings and ongoing construction projects. “Only buildings with approved documents should be insured. We must avoid a situation where buildings are insured without proper regulatory clearance,” he said.
Also speaking, the Director of Legal Enforcement and Market Development at NAICOM, Talmiz Usman, thanked members of the committee for their participation and support.
He said, “Your continued involvement is key to achieving the commission’s objectives. We must work together to strengthen the enforcement of compulsory building insurance to safeguard lives, assets, and investments.”
The meeting concluded with renewed commitments from all parties to improve compliance, data sharing, and public awareness of the legal requirements surrounding insurance for buildings.
The PUNCH reported that the National Insurance Commission unveiled a revised regulation on insurance for leased and financed aircraft in Nigeria.
SOURCE : PUNCH
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