The National Insurance Commission (NAICOM) has reiterated its commitment to strengthening the enforcement of compulsory insurance regulations for public buildings and structures under construction. In a recent meeting, the commission discussed strategies for ensuring that only properly documented buildings are insured across Nigeria.
The meeting, which took place in Abuja, was convened by the Joint Committee on Insurance for Public Buildings and Buildings Under Construction. Chaired by Ekerete Gam-Ikon, NAICOM’s Deputy Commissioner for Insurance (Finance and Administration), the session brought together key stakeholders from various sectors, including insurance regulators and construction industry representatives. Their collective aim was to review progress on implementation and address challenges related to insurance coverage for public buildings.
At the session, Gam-Ikon highlighted the importance of collaboration among regulatory bodies in ensuring that insurance coverage is both comprehensive and compliant with existing laws. She also pointed out the successful claims settlement process following a recent fire incident at a Cash and Carry outlet, where insured parties were promptly compensated.
The committee members discussed how the implementation process is unfolding. A representative from building control noted that while enforcement of insurance requirements began in January, full implementation hinges on obtaining the necessary documentation from building owners and developers.
Other industry stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, also weighed in on the need for complete and accurate documentation, emphasizing the role of proper risk assessment and insurance coverage in safeguarding public buildings.
One of the key suggestions from Gam-Ikon was the establishment of a central database for public buildings and those under construction. This would ensure that only those structures with the correct legal documentation are eligible for insurance, enhancing transparency and compliance.
Dr. Talmiz Usman, the Director of Legal Enforcement and Market Development at NAICOM, expressed appreciation for the committee’s efforts and cooperation. He emphasized that continued collaboration is essential for the successful implementation of insurance regulations, which are vital for improving safety standards and risk management within the construction sector.
This initiative marks a significant step towards ensuring that Nigeria’s public buildings and construction projects are better protected against unforeseen risks, ultimately fostering a safer environment for all.
