N1trn Annual Premium Target: FG Plans Compulsory Building Insurance

The federal government is set to enforce and prosecute evaders of public building insurance in a bid to generate more premium for the insurance industry, while achieving insurers’ N1 trillion annual premium target, LEADERSHIP learnt.

Insurance industry has always set itself a target of N1 trillion premium which it hopes to meet in the current financial year, having gone closer by about N250 billion in the 2022 financial year.

To this end, the two federal government agencies, that is, the National Insurance Commission (NAICOM)  and the ministry of Housing and Urban Development are partnering to enforce compliance with the laws on public buildings and buildings under construction.

Commissioner for Insurance, National Insurance Commission(NAICOM), Mr. Sunday Olorundare Thomas during a courtesy visit to the minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa in Abuja, pledged more commitment to  uplifting the insurance sector in tune with global practices.

The NAICOM boss also disclosed that the visit was part of the commission’s drive to ensure optimal participation in its upcoming 2023  National Insurance Conference, and to apprise the minister of activities of the commission.

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While affirming his active participation and that of the ministry of Housing in the conference scheduled to hold between 22nd to 24th of October 2023, the minister noted collaboration in the area of compliance with the laws on public buildings and buildings under construction.

Hence, with this collaboration, it will be mandatory on schools, hospitals, hotels and offices, and other public buildings to procure insurance cover or be sanctioned.