The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Olusegun Ayo Omosehin, has expressed the Commission’s full support for the Lagos State Building Insurance Scheme, describing it as a major step toward improving risk management, urban resilience, consumer protection and insurance growth in Nigeria.
Omosehin spoke at the official launch of the scheme at the Royal Box Event Centre, Victoria Island, Lagos. He said the initiative, which combines digital innovation, geospatial intelligence and systematic enforcement, is designed to protect buildings across the state against the consequences of fire, flood and building collapse.
According to him, the scheme is particularly important given the recurring incidents of building collapse and fire outbreaks, which often leave families homeless, businesses struggling and victims without adequate means of recovery. He said compulsory building insurance would help ensure that property owners, occupants and other affected persons have access to financial protection when disasters occur.
The NAICOM boss said the scheme is backed by the Nigerian Insurance Industry Reform Act, NIIRA 2025, which he described as a major reform of the country’s insurance laws. He noted that the legislation strengthened consumer protection, increased the capital base of insurance companies and reinforced compulsory insurance requirements, including cover for public buildings and buildings under construction above the prescribed height.
Omosehin said Lagos State had taken the national legal framework and translated it into a practical enforcement mechanism by combining geospatial building intelligence with a digital platform. He added that the approach would help address longstanding challenges of weak compliance, low public awareness and the circulation of fake insurance certificates.
He urged property owners, developers, construction professionals, insurers, brokers, agents and government agencies to support the initiative by making insurance a standard part of risk management. Omosehin also warned insurance companies that the success of the scheme would depend largely on prompt and full settlement of legitimate claims, stressing that public confidence in the industry would be built through fair pricing, quality service and efficient claims payment.
The Commissioner said NAICOM would provide regulatory backing for the scheme, support efforts to tackle fake certificates and unlicensed operators, and ensure that the framework remained open, transparent, competitive and accessible to all duly licensed insurance companies that meet the Commission’s regulatory standards. He expressed hope that the Lagos initiative would become a model for other states, adding that its success would help strengthen the country’s insurance sector and protect more Nigerians from the financial consequences of disasters.
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