The National Insurance Commission (NAICOM) has reaffirmed its commitment to enforcing compulsory insurance for public buildings and those under construction, as part of its broader strategy to enhance safety standards, risk management, and regulatory compliance in Nigeria’s built environment.
This renewed commitment was emphasized during the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, held on Wednesday in Abuja.
Chaired by the Deputy Commissioner for Insurance (Finance and Administration), Ekerete Gam-Ikon, the meeting convened key stakeholders across the insurance industry, Federal Fire Service, quantity surveying professionals, and relevant regulatory agencies to review the current state of compliance and discuss enforcement strategies.
In his opening remarks, Gam-Ikon welcomed new committee members from the quantity surveying profession and provided an update on NAICOM’s evolving enforcement framework.
“We’ve begun with the enforcement of third-party motor insurance. Now, we are expanding our efforts to cover public buildings and construction sites,” he said.
He highlighted the necessity of cross-agency collaboration to ensure real impact, noting that the enforcement drive cannot succeed in isolation.
“Agencies like Development Control are vital to this process. Without their involvement, our efforts may fall short,” he added.
Other participants, including representatives of Nigerian insurance firms and the Federal Fire Service, echoed the need for proper documentation, comprehensive risk assessments, and adequate insurance coverage before any building policy is issued or approved.
A key outcome of the meeting was a renewed push for the Development Control unit to establish a reliable and up-to-date database of public buildings and active construction projects across the country. Gam-Ikon stressed that:
“Only buildings with approved documents should be eligible for insurance coverage. We must prevent situations where unverified structures are insured without regulatory clearance.”
Also speaking at the meeting, Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, expressed gratitude to committee members for their ongoing support.
“Your continued engagement is essential to achieving the Commission’s goals. Strengthening the enforcement of building insurance laws is a collective responsibility one that protects lives, properties, and investments,” Usman said.
The meeting concluded with a strong consensus among stakeholders to step up compliance monitoring, improve inter-agency data sharing, and intensify public awareness campaigns about the legal requirements for building insurance in Nigeria.
This development follows NAICOM’s recent unveiling of revised regulatory guidelines for insurance coverage on leased and financed aircraft in the country part of its broader reforms to modernize Nigeria’s insurance sector.
