NAICOM Moves To Enforce Insurance For Public Buildings

The federal government, through the National Insurance Commission (NAICOM) plans to enforce Insurance for Public Buildings and Buildings Under Construction to deepen insurance penetration in the country.

To this end, it convened the 4th meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction in Abuja recently where stakeholders discussed the progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

Chairing the meeting, the deputy commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction.

He emphasised the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement.

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Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service(FFS), shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The chairman of the joint committee, Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.