Insurance industry stakeholders have called for comprehensive policy reforms to make insurance a central component of Nigeria’s housing development strategy, warning that billions of naira invested in residential and commercial real estate remain vulnerable to disasters without adequate insurance protection. They argue that stronger insurance policies are essential for safeguarding property investments and improving confidence in the housing sector.
Experts noted that recurring incidents of building collapse, flooding, fire outbreaks, and other natural disaster continue to expose homeowners, developers, financial institutions, and investors to significant financial losses. They stressed that expanding insurance coverage would improve resilience and support sustainable growth in the real estate industry.
According to industry leaders, Nigeria’s housing sector requires policy incentives that encourage developers and property owners to obtain comprehensive insurance coverage throughout the construction and occupancy phases. They also advocated stricter enforcement of compulsory building insurance provisions already contained in existing laws to improve compliance nationwide.
Stakeholders further recommended stronger collaboration between government agencies, insurance companies, mortgage institutions, and real estate developers to create innovative insurance products tailored to affordable housing projects. They believe such partnerships would reduce investment risks, improve access to housing finance, and strengthen confidence among local and foreign investors.
The experts maintained that insurance should be viewed as an essential pillar of housing development rather than an optional financial product. They argued that integrating insurance into national housing policies would help minimise economic losses, accelerate post-disaster recovery, and enhance the long-term sustainability of Nigeria’s property market.
They also urged policymakers to review existing regulations and introduce incentives that promote wider insurance adoption, noting that a stronger risk management framework would support housing delivery, infrastructure development, and overall economic growth.
