NAICOM assures support as Lagos launches building insurance scheme
Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin
Nike Popoola
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has described the Lagos State Building Insurance Scheme as a landmark initiative that will strengthen risk management, urban resilience, consumer protection, and insurance development in Nigeria.
Speaking at the official launch of the scheme in Lagos on Friday, Omosehin said the initiative represented a major step toward ensuring that residents are protected against the devastating consequences of fire outbreaks, floods, and building collapse.
Omosehin, who was represented by the Deputy Commissioner for Insurance, Finance and Administration Mr. Ekerete Ola Gam-Ikon, commended Governor Babajide Sanwo-Olu, the Lagos State Government, and stakeholders for their commitment to the initiative, noting that Lagos had once again demonstrated leadership by embracing insurance as a public policy tool rather than merely a legal obligation.
According to him, the scheme combines digital innovation, geospatial intelligence, and systematic enforcement to ensure buildings across the state are adequately protected.
“We meet against a sober backdrop. In recent weeks, this state and others have again counted the cost of building collapse in human lives. Behind every collapse and every fire is a household that loses a home, a trader who loses a livelihood, and too often, a life that cannot be recovered,” he said.
Omosehin stated that compulsory building insurance was not simply a regulatory requirement but a public safety intervention that would provide financial support to families, businesses, and communities affected by disasters.
He noted that the Lagos initiative aligns with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which strengthened compulsory insurance provisions and promotes digital distribution, electronic policies, and data-driven supervision.
The NAICOM boss said the success of the scheme would depend largely on effective claims settlement, warning that public confidence in insurance is earned “one honoured claim at a time.”
He pledged regulatory support for the initiative, including ensuring that all policies are underwritten by licensed insurers, combating fake certificates and unlicensed operators, and promoting an open and competitive framework accessible to all qualified insurance companies.
Omosehin added that if successful, the Lagos State Building Insurance Scheme would serve as a model for other states across the federation, further deepening insurance penetration and strengthening economic resilience nationwide.
