Key points
- Heirs General Insurance has urged stakeholders to integrate insurance into Nigeria’s housing agenda.
- The company says housing policy should prioritise protecting homes alongside increasing supply.
- It says uninsured properties expose families, businesses and the wider economy to significant risks.
- The insurer called for greater collaboration and public awareness to strengthen housing resilience.
Main story
The Managing Director of Heirs General Insurance Ltd., Mr Wole Fayemi, has urged policymakers, developers and other stakeholders to make insurance protection a central part of Nigeria’s housing agenda.
Fayemi made the call during a panel session at the 20th Africa International Housing Show, where participants discussed affordable housing and collaboration across the housing value chain.
In a statement issued on Tuesday, he said Nigeria’s housing challenges could not be solved through construction alone.
According to him, increasing the supply of housing would have limited impact if completed buildings remained exposed to preventable risks.
“A housing policy that focuses solely on construction is incomplete.
“The true measure of success is not only the number of homes we build, but how effectively we protect the people, investments and communities those homes represent,” he said.
Fayemi noted that while Nigeria was intensifying efforts to bridge its housing deficit, insufficient attention was being paid to protecting completed homes from risks after occupation.
He said recurring building collapses across the country, which had resulted in loss of lives, economic losses and declining public confidence in the built environment, highlighted the need for stronger risk protection.
Fayemi said insurance should no longer be regarded merely as a regulatory requirement but as an essential pillar of sustainable housing development.
Referring to the Nigerian Insurance Industry Reform Act (NIIRA 2025), he said developers and property owners had a responsibility to insure properties, not only to comply with the law but also to strengthen resilience across the housing sector.
“Every building represents years of investment, aspiration and sacrifice. When those assets are left uninsured, the consequences extend far beyond individual property owners.
“Families are displaced, businesses are disrupted, financial institutions are exposed and national development suffers,” he said.
Fayemi also called for closer collaboration among government, regulators, developers, insurers, financial institutions and homeowners to achieve sustainable and affordable housing.
He said integrating insurance into housing finance and development from the planning stage would boost investor confidence, encourage sustainable projects and strengthen communities against unforeseen events.
He also advocated greater public awareness of insurance, noting that many Nigerians still viewed it as an afterthought rather than a strategic tool for wealth preservation and economic stability.
“Insurance should not begin when disaster strikes; it should begin when plans are being drawn.
“If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation,” he said.
The issues
Nigeria continues to face a significant housing deficit while recurring building failures and other risks highlight the need to improve the resilience and long-term protection of housing assets.
What’s being said
“Insurance should not begin when disaster strikes; it should begin when plans are being drawn.” — Wole Fayemi, Managing Director, Heirs General Insurance Ltd.
What’s next
Stakeholders are expected to continue discussions on integrating insurance into housing finance, development and policy as part of efforts to build more resilient communities.
Bottom line
Heirs General Insurance says expanding housing supply alone is not enough, arguing that insurance protection should be embedded in housing policy to safeguard investments, communities and long-term economic development.
