NAICOM Inaugurates 10-Member Committee for Building Insurance Oversight in Nigeria.

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    In a significant move aimed at enhancing building safety across Nigeria, the National Insurance Commission (NAICOM) inaugurated a 10-member committee tasked with overseeing the insurance of public buildings and structures under construction.

    The Commissioner for Insurance (CFI), Sunday Thomas, who presided over the inauguration at the end of the 2-day ‘National Insurance Conference 2023’ in Abuja on Tuesday, expressed optimism about the transformative impact this move would have on the insurance industry and the safety of public buildings.

    In his statement, he said, “The insurance industry will never remain the same, and the safety of public buildings will be redefined.”

    The committee’s responsibilities will encompass data collection, continuous monitoring, comprehensive reporting, and the organization of regular meetings to assess the state of insurance coverage within the sector.

    The committee will play a pivotal role in bolstering building safety and minimizing risks associated with construction and occupancy.

    One of the primary objectives of this initiative is to effectively mitigate the unfortunate instances of building collapses that have plagued Nigeria in recent years.

    Such incidents have not only resulted in loss of life but also in significant property damage.

    These incidents have raised concerns about the need for improved safety measures and better insurance coverage within the construction and real estate sector.

    By overseeing this critical area, the committee aims to address these concerns and bring about a positive change.

    Building collapses in Nigeria have been a longstanding issue that has affected both urban and rural areas, leading to tragic consequences for individuals and communities.

    These incidents have been attributed to various factors, including poor construction practices, inadequate building inspections, and a lack of comprehensive insurance coverage.

    The committee’s activities will provide a solution to these issues by promoting the adoption of rigorous building standards, continuous monitoring, and an improved insurance framework for builders and property owners.

    It will focus on developing an integrated approach to enhance building safety and ensure that insurance coverage aligns with the dynamic needs of the construction industry.

    The committee is committed to transparency, accountability, and regular reporting to NAICOM, thereby creating a mechanism for identifying and addressing challenges that may arise in the course of its activities.

    Any issues or obstacles encountered will be escalated to the government for prompt resolution, further strengthening the partnership between regulatory bodies and the construction industry.

    The launch of this committee represents a positive step toward building safety in Nigeria, as it seeks to safeguard lives, property, and investments by promoting responsible construction practices and comprehensive insurance coverage.

    By addressing the recurring issue of building collapses, this initiative has the potential to significantly enhance public safety, instill confidence in the construction sector, and promote a more robust insurance industry.

    It is a clear demonstration of the commitment of NAICOM and the entire insurance sector to improving building safety standards and protecting the interests of the Nigerian people.