Nigerian Insurers Association calls for compliance with building codes to mitigate losses

The Nigerian Insurers Association has commiserated with the families of those who lost their lives in the collapsed 21-story building in Ikoyi last week.

The Director-General, NIA, Yetunde Ilori, while observing the worrisome recurrence of building collapse in the country, the NIA emphasised the need for the general public to comply with building rules and embrace insurance in the protection of life and property.

She said: “Insurance Act 2003 in its Section 64(1) states that no person shall construct any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public.”

According to her, all the stakeholders in the construction industry should take appropriate steps to ensure compliance with the extant laws to stop the needless loss of life and property.

“This is not the time for blame game but sober reflection and a call to action. Those who are vested with the power to enforce the laws of the land owe it a duty to ensure that laws are obeyed,” she said. She charged the Lagos State Government to domesticate the law on the insurance of buildings under construction.

Also, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Rotimi Edu, in a statement, said the increasing cases of building collapse are a call on relevant stakeholders to ensure compliance with extant regulations. He specifically highlighted the crucial roles of insurance brokers in claim payment.