The National Insurance Commission (NAICOM), in collaboration with some sectors of the economy, said it is determined to strengthen the implementation of compulsory insurance regulations to ensure that only buildings with approved documents are insured in the country.

The commission said this at a session of the Joint Committee on Insurance for Public Buildings and Buildings under Construction in Abuja at the weekend.

The meeting was chaired by the Deputy Commissioner for Insurance (Finance and Administration), Ekerete Gam-Ikon, and brought key stakeholders across regulatory agencies, in both the insurance and construction sectors of the economy, together to review implementation progress and address challenges.

Speaking at the meeting, the Deputy Commissioner said the commission was extending its focus on the public buildings and those under construction, as mandated by the law.

Gam-Ikon stressed the significance of collaboration among regulatory agencies. She highlighted the commission’s focus on claims settlement, citing the example of a fire incident at a Cash and Carry outlet where insured parties received prompt claims payments.

The committee discussed the implementation process, with the representative from building control indicating that they have started enforcing insurance requirements since January this year, but are awaiting necessary documents to commence full enforcement.
Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the significance of complete documentation, risk assessment and insurance coverage.

The Deputy Commissioner, who is also the chairman of the committee, advised on the need to establish a database of public buildings and buildings under construction to ensure that only buildings with approved documentation are insured.

The Director, Legal Enforcement and Market Development at NAICOM, Dr Talmiz Usman, commended the committee members for their support and participation.

He underscored the importance of collaboration and effective implementation of insurance regulations to strengthen safety and risk management in the construction industry.