NAICOM Endorses Lagos Building Insurance Scheme Launch

The National Insurance Commission (NAICOM) has endorsed the newly launched Lagos State Building Insurance Scheme, pledging to provide a regulatory framework for its effective implementation. At the unveiling in Lagos, Commissioner for Insurance and CEO of NAICOM, Olusegun Omosehin, represented by Deputy Commissioner Ekerete Gam-Ikon, described the initiative as a milestone for insurance penetration and consumer protection.

The scheme aims to financially protect building owners and occupants from losses due to fire, flooding, and structural collapse. Omosehin emphasized the need for compulsory building insurance due to rising building failures in Nigeria.

NAICOM committed to ensuring that policies are underwritten by licensed insurance companies, collaborating with the Lagos State Government to eliminate fake insurance certificates, and maintaining transparency and accessibility for insurers. The initiative aligns with the Nigerian Insurance Industry Reform Act 2025, mandating insurance for public buildings and those under construction above certain heights.

Lagos is the first state to operationalize this national law, potentially encouraging similar initiatives in other states.