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NAICOM, FFS commended over public buildings compulsory insurance

03 April 2015, 11:57Olisa Egbunike

Lagos - Ayodapo Shoderu, the President of Nigeria Council of Registered Insurance Brokers (NCRIB) , on Thursday commended the National Insurance Commission (NAICOM) for collaborating with the Federal Fire Services (FFS) in the compulsory insurance of public buildings.

Shoderu told media in Lagos that such collaboration would assist in the management of the nation’s resources.

He said that about 10 million public buildings need insurance shield, adding that no economy would develop without taking  into cognizance the role of insurance and risk management.

He said it was sad that most of the buildings were uninsured and exposed the lives and property of third parties who have rights to access the buildings at great risk.

He also advocated for aggressive asset protection on public buildings and markets as enshrined in the legal provision under Insurance Act 2003 (section 64 and 65).

On the fire incidences, he described it as too high and disturbing, as victims lack avenues of mitigation through insurance.

Also read: Road users urged to comply as rains set in

"Also most of the victims constitute a significant chunk of entrepreneurial class, who are supposedly great contributors to the nation’s Gross Domestic Product (GDP).

"The consequence of these unfortunate developments to many of the victims; most especially those without insurance cover, remains horrific.

"Indeed NAICOM through this collaboration has good implementation policies" he said.

Shoderu also commiserated with victims of Balogun market fire where properties worth millions of naira were destroyed. 

The President of the Council said that the incident has further depleted the resource at the disposal of the victims and national economy in general.

He said that the council  would continue to enlighten traders on the need for insurance and the utilization of its services.

The Commissioner for Insurance had on March 18 expressed the desire to set up a joint committee with the FFS toward ensuring the implementation of public buildings insurance.


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