NAICOM and NIA Advocate for Building Insurance Enforcement

The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have called for stricter enforcement of compulsory building insurance across Nigeria, advocating for the adoption of the Lagos State Building Insurance Scheme as a nationwide model. This call was made during the official launch of the scheme in Lagos, which represents a shift towards practical implementation of compulsory insurance laws using digital technology and geospatial intelligence.

Mr. Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, described the scheme as a significant milestone for risk management and consumer protection.

He noted that while Nigeria has laws mandating compulsory insurance, enforcement has been weak, leading to low compliance and fake insurance certificates. The Lagos initiative aims to address this enforcement gap directly.

Omosehin emphasized that the initiative aligns with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and assured regulatory support for the scheme, highlighting the importance of prompt claims settlement for public confidence in insurance.