Lagos & Nigerian Insurers Association Join Forces On Compulsory Insurance

The Lagos State Safety Commission and the Nigerian Insurers Association, have joined forces on compulsory insurance of public buildings in the State.

In line with the provisions of section 64 and 65 of the National Insurance Act 2003, all public buildings and those under construction are to be compulsorily insured to ensure safety of third parties and adequate compensation on the event of injuries or death from any mishap.

To achieve this, a mandatory insurance digital solution platform will be introduced.

Addressing journalists in Alausa, during a joint news briefing, the Director-General of the Safety Commission, Mr Lanre Mojola explained that the measure is in line with the current administration’s efforts of ensuring a safer Lagos.

“This is a subset of security and good governance and Lagos State government is announcing that it will continue to step up its responsibilities to ensure that all Lagosians can go out and be safe. Before we issue the safety compliance certificate, one of the requirements is that you show us evidence of having an occupier insurance and we have worked with all stakeholders within the insurance industry” he said

Mr Mojola announced that in the last 44 years, 480 incidence of collapsed buildings have been recorded in Lagos and

On her part, the Director-General, Nigeria Insurers Association, Mrs Yetunde Ilori, who stressed that the measure was not a revenue generating venture, buy aimed at alleviating the adverse impact of mishaps.

She said rigorous awareness campaigns would be carried out before full implementation.

Mrs Ilori pegged premium to be paid between point one percent and point four percent of the property insured.

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