National Insurance Commission (NAICOM) has thrown its full support behind the Lagos state government’s building insurance scheme.
This is coming on the heels of incessant building collapse across the country with attendant losses. The scheme is designed to ensure that buildings across Lagos are protected against the devastating consequences of fire and flood, among others.
the Commissioner for Insurance at NAICOM, Olusegun Omosehin, expressed optimism that the initiative which combines digital innovation, geospatial intelligence, and systematic enforcement represents a major milestone in the evolution of risk management, urban resilience, consumer protection, and insurance growth and development in Nigeria.
The Commissioner noted that the long-existing partnership between Lagos State Government and the Commission is committed to protecting citizens, strengthening economic resilience, deepening insurance penetration, and ensuring that insurance fulfils its proper role as a social and economic stabilizer.
He applauded the state government for embracing insurance as a critical public policy tool for safeguarding lives, properties, investments, livelihoods, businesses, communities, and public assets against the devastating consequences of fire outbreaks, floods, and building collapse.
Omosehin reminded Nigerians that without insurance, disasters can push individuals, businesses, and governments into severe financial distress and trigger economic waste.
