REGULATORS AND INSURERS ENDORSE LAGOS COMPULSORY BUILDING COVER DRIVE

The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have given strong backing to the newly launched Lagos State Building Insurance Scheme.

At the official unveiling in Lagos, NAICOM Commissioner for Insurance Olusegun Omosehin described the initiative as a major step toward higher insurance penetration, better consumer protection and stronger risk management. He pledged that only NAICOM-licensed firms would underwrite policies under the scheme, promised support to stamp out fake certificates and unlicensed operators, and insisted the framework remain open, transparent and competitive.

Omosehin linked the programme to the Nigerian Insurance Industry Reform Act 2025, which makes insurance compulsory for public buildings and certain structures under construction. He said Lagos is the first state to turn the national law into a practical, technology-driven system using digital tools and geospatial data.

NIA Chairman Ebelechukwu Nwachukwu also endorsed the scheme, praising collaboration between government, regulators and the industry to protect lives, property and investments against fire, floods and collapse. Both bodies urged prompt claims settlement to build public trust and expressed hope that other states would follow Lagos’ example.