The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing compulsory insurance coverage for public buildings and those under construction, as part of efforts to enhance safety and regulatory compliance within Nigeria’s built environment.
This directive was highlighted during the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, held in Abuja. The meeting was chaired by NAICOM’s Deputy Commissioner for Insurance (Finance and Administration), Ekerete Gam-Ikon, and brought together stakeholders from across the insurance sector, fire service, quantity surveying, and regulatory agencies.
In his opening remarks, Gam-Ikon noted that the commission had already commenced enforcement of compulsory third-party motor insurance and is now expanding its focus to include buildings. He stressed the importance of collaboration with relevant agencies such as Development Control to ensure the success of the initiative.
“This work cannot be done in isolation,” Gam-Ikon said. “A coordinated effort is essential if we are to see meaningful results.”
He also urged Development Control to establish a reliable database of public buildings and ongoing construction projects, emphasizing that only buildings with proper approvals and documentation should be eligible for insurance coverage.
Stakeholders, including representatives from the Nigerian insurance industry and the Federal Fire Service, discussed the importance of thorough documentation, risk assessment, and compliance checks before insurance policies are issued for public structures.
Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, expressed appreciation for the ongoing collaboration among committee members. “Your continued involvement is critical to achieving our goals,” he said. “We must strengthen enforcement mechanisms to better protect lives, properties, and investments.”
The meeting ended with renewed commitments from all participants to boost compliance, improve data sharing, and increase public awareness of the legal obligations related to building insurance.
In a related development, The PUNCH recently reported that NAICOM had updated its regulations on insurance requirements for leased and financed aircraft operating in Nigeria.
