Calls grow for insurance protection of public buildings,

By Henry Uche

The National Insurance Commission (NAICOM) recently held the 4th Meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction, chaired by Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon. The session convened key stakeholders to review progress and address challenges in enforcing insurance regulations for public infrastructure and ongoing construction projects.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and provided an update on NAICOM’s enforcement efforts. He noted that while the commission has successfully rolled out enforcement on third-party motor insurance, it is now extending focus to public buildings and those under construction. “Collaboration with regulatory agencies remains vital,” he stressed, highlighting the commission’s commitment to efficient claim settlements. He cited a recent case where a fire incident at a Cash and Carry supermarket was promptly settled, underscoring the benefits of insurance protection.

The committee heard from the Development Control representative, who reported that enforcement of insurance requirements began in January 2025 but full implementation is pending receipt of necessary documentation. Contributions from the Nigerian Insurers Association (NIA) and the Federal Fire Service emphasized the need for comprehensive documentation, thorough risk assessments, and adequate insurance coverage to safeguard public assets.

Mr. Gam-Ikon, who also chairs the joint committee, urged Development Control to develop a robust database of public buildings and constructions, ensuring only projects with approved documents are insured. Dr. Talmiz Usman, NAICOM’s Director of Legal Enforcement and Market Development, expressed gratitude to committee members for their active support, reaffirming the critical role of collaboration in advancing insurance compliance.

The meeting reinforced the shared commitment among regulators and industry stakeholders to strengthen the implementation of insurance regulations, promoting safety and risk management within Nigeria’s construction sector, according to a NAICOM statement.