NIA Advocates Insurance to Prevent Financial Hardship

Mrs. Ebelechukwu Nwachukwu, the Chairman of the Nigerian Insurers Association and Managing Director/Chief Executive Officer of Rex Insurance Limited, spoke at the launch of the Lagos State Building Insurance Scheme. This initiative aims to enforce compulsory building insurance in Lagos State.

Nwachukwu commended the Lagos State Government for its efforts in translating statutory provisions into public protection. She stated that while insurance cannot prevent all tragedies, it can prevent them from leading to permanent financial hardship.

Nwachukwu urged property owners and developers to view insurance as a protective investment rather than a burden. She noted that although compulsory building insurance has existed in Nigerian law, enforcement has been weak.

The Lagos State initiative utilizes modern technology and geospatial intelligence to improve compliance. Nwachukwu described the scheme as a proactive measure for community safety and highlighted its potential to enhance insurance penetration and public confidence across Nigeria.