By Ngozi Onyeakusi— Nigerian Insurance industry and the Lagos State Government today made bold step aimed at stopping building collapse in the state through digitalizing compulsory insurances.


L-R: Director General, Nigeria Insurers Association (NIA), Mrs Yetunde Ilori, Director General Lagos State Safety Commission (LSSC) Mr Lanre Omojola and the President Nigeria Council of Registered Insurance Brokers (NCRIB) during a press conference for the event in Lagos

The Director General, Nigeria Insurers Association (NIA), Mrs Yetunde Ilori at the Stakeholders Meeting on Compulsory insurances (Public Buildings) for Lagos State, in collaboration with the association in Lagos, assured Lagosians that the insurance industry has the capacity to mitigate all their insurance risks.
“The insurance industry in Nigeria has the capacity to indemnify all the liabilities that arises as a result of risk involved because insurance is a global business”, she said.

Speaking at the event which marked the flagging off of awareness campaign on Occupiers and Builders Liability Insurance in the state, she noted that the rationale behind the event was to create awareness on the benefits to be derive when taken insurance as well teach the public on the need to take insurance as risks mitigation mechanism.
She noted that NIA has taken another bold step to digitalize the purchase of Occupiers Liability Insurance, call for the support of the State even as pledged the association’s commitment to work with the state to ensure safer Lagos.
She assured that the insurance industry will ensure that insurance is accessible even as
she commended Lagos State Government for being a pace setter in promoting insurances.

Earlier in his presentation, the Director General Lagos State Safety Commission (LSSC) Mr Lanre Omojola regretted that over 420 building collapse in the state adding that that underscored the need for insurance.
According to him, Lagos State was committed to preventing occurrence of such incidents in the state.
He assured the state partnered insurance industry to implement and enforce compulsory insurances to ensure a safer Lagos.
“To protect Nigerians and their businesses from vagaries in the event of unfortunate events and incidents leading to injury, property damage or death, the Federal Government through various Acts of parliament have over the years promulgated laws making seven (7) Insurance Policies compulsory across the Federation.
“However, due to several factors, some of these Compulsory Insurances Laws have not been fully implemented. As such, when dangerous occurrences and disasters happen, the citizenry look up to the government for compensation. It is the determination of the present administration led by Mr Governor, Mr Babajide Olusola Sanwo-Olu to curb this trend, the reason for this very important relevant stakeholders engagement session. In focus here, today is the Compulsory Insurance Act in respect of existing public buildings”, he stated.