Yemisi Izuora
The National Insurance Commission, NAICOM, has moved a step further to ensure enforcement and monitoring of insurance of public buildings and buildings under construction.
In that regard, the Regulator, has inaugurated a 10 member stakeholder committee to ensure success and implementation of the law.
The Commissioner for Insurance (CFI), Sunday Thomas, while performing the inauguration of the Committee shortly after the end of the 2-day ‘National Insurance Conference 2023’ in Abuja, expressed optimism said that this new development will change the narrative in the sector.
He said, “We believe with this Committee, the Nigerian insurance industry will never remain the same again.We believe also that we will be redefining safety in the entire economy and also putting insurance at the center on the redefinition of safety in Nigeria.”
The Commissioner added, that this same Committee will be replicated at the state level and in another six months the industry will look at the impact of the committee in the area of insurance of public building and building under construction.
The terms of reference of the body include, data collection, continuous monitoring, comprehensive reporting, and the organization of regular meetings to assess the state of insurance coverage within the sector.
He expects the Committee to play a a vital role in bolstering building safety and minimizing risks associated with construction and occupancy.
One of the primary objectives of this initiative is to effectively mitigate the unfortunate instances of building collapses that have plagued Nigeria in recent years.
Members of the committee are: NAICOM; Ministry of Housing and Uban development; chairman of Nigerian Insurers Association,( NIA), Segun Omoshein; President of Nigerian Council of Registered Insurance Brokers( NCRIB), Babatunde Oguntade; President of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr Johnbull Amayaevbo; President of Real Estate Developers Association of Nigeria (REDAN),Dr Aliyu Oroji Wamakko; National President of Nigeria Hotel Association, His Highness Eze Patrick Anyawu; representation from the Nigeria Fire Service.