Lagos: The National Insurance Commission (NAICOM) has announced its regulatory support for the newly launched Lagos State Building Insurance Scheme. At the official launch event in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, emphasized the scheme’s potential to enhance risk management, consumer protection, and insurance penetration in Nigeria.
According to News Agency of Nigeria, Omosehin highlighted the scheme’s role in ensuring financial protection for building owners and occupants against losses from fire, flood, and building collapse. He noted that recent incidents of building collapse underline the necessity of compulsory building insurance to safeguard lives, property, and livelihoods. Insurance, Omosehin stated, acts as a social protection mechanism, enabling quicker recovery from disasters for individuals, businesses, and governments.
Omo
sehin outlined NAICOM’s commitments to the scheme, including providing regulatory backing, combating fake certificates and unlicensed operators, and supporting a scheme structure that is open, transparent, and competitive. He praised the Lagos State Government’s use of technology-driven enforcement through digital platforms and geospatial intelligence to improve compliance with compulsory insurance requirements.
The scheme aligns with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which enhances compulsory insurance and promotes digital insurance operations. Omosehin expressed that Lagos has set a precedent in implementing national legislation at the state level, hoping it would serve as a model for other states. He urged insurance companies to settle genuine claims promptly to build public confidence and encouraged various stakeholders to support the scheme’s successful implementation.
Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association (NIA), also commended the Lagos State
Government for the initiative. She described the scheme as a crucial step in protecting lives, property, and investments and emphasized the importance of insurance in building safer communities. Nwachukwu urged insurers to maintain professionalism and ensure timely settlement of claims while expressing NIA’s readiness to collaborate with governments, regulators, and stakeholders to improve compliance and expand insurance access nationwide.