The National Insurance Commission has thrown its weight behind the newly launched Lagos State Building Insurance Scheme, pledging to provide the regulatory framework needed for its effective implementation.
Speaking at the official unveiling of the initiative in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, described the programme as a significant milestone in improving insurance penetration, strengthening consumer protection and enhancing risk management across Nigeria. According to the News Agency of Nigeria, he was represented at the event by the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Gam-Ikon.
Omosehin said the scheme would provide financial protection for owners and occupants of buildings against losses caused by fire, flooding and structural collapse. He said the increasing incidence of building failures in different parts of the country has highlighted the urgent need to enforce compulsory building insurance to safeguard lives, property and livelihoods.
He noted that
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