The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing compulsory insurance coverage for public buildings and buildings under construction, as part of broader efforts to enhance safety, risk management, and regulatory compliance within Nigeria’s built environment.
This resolution was emphasized at the latest meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, held in Abuja. The session was chaired by Ekerete Gam-Ikon, Deputy Commissioner for Insurance (Finance and Administration), and brought together key stakeholders from the insurance industry, the fire service, the quantity surveying profession, and other regulatory agencies.
In his opening remarks, Gam-Ikon welcomed new committee members from the quantity surveying sector and provided an update on NAICOM’s expanding enforcement strategy. “We have commenced enforcement with third-party motor insurance, and we are now extending our efforts to public buildings and buildings under construction,” he said.
He underscored the need for collaboration among regulatory bodies, noting that, “This work cannot be done in isolation. The collaboration with agencies like Development Control is crucial if we want to see real impact.”
Stakeholders, including representatives from Nigerian insurers and the Federal Fire Service, highlighted the importance of proper documentation, risk assessment, and comprehensive coverage before issuing building insurance policies. Gam-Ikon also called on the Development Control unit to develop a central database of public buildings and construction projects to enhance monitoring and compliance.
“Only buildings with approved documents should be insured. We must avoid a situation where buildings are insured without proper regulatory clearance,” he added.
Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, expressed appreciation for the committee’s continued support, stating, “Your involvement is key to achieving the commission’s objectives. We must work together to strengthen the enforcement of compulsory building insurance to safeguard lives, assets, and investments.”
The meeting ended with renewed commitments from all parties to improve enforcement, data sharing, and public awareness of the legal requirements surrounding building insurance in Nigeria.
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