Amaka Obiefuna

The National Insurance Commission (NAICOM) has taken fresh steps to mobilize inter agency assistance to bolster security of public property using insurance policies as a strong tool.

To achieve this the insurance regulator has joined hands with the Federal Fire Service to review and strengthen their partnership.

The Federal Fire Service, as a key member of the Committee on insurance of public buildings and buildings under construction, has agreed to integrate Fire Insurance Policy into their checklist.

This move aims to boost compliance levels and promote insurance penetration in Nigeria.

The partnership is expected to have far-reaching benefits, including improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.

Key aspects of the agreement include:

Enhanced Compliance*: Integration of Fire Insurance Policy into the Federal Fire Service’s checklist to ensure adherence to insurance regulations.

– *Improved Insurance Penetration*: Increased awareness and uptake of insurance products among building owners and developers.

– *Risk Mitigation*: Proactive measures to minimize potential risks associated with building collapse and other related hazards.

– *Economic Growth*: Contribution to Nigeria’s economic growth through increased investment, job creation, and financial stability.

Both Agencies has a meeting which was presided over by the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who emphasized the importance of collaboration between NAICOM and the Federal Fire Service in promoting a safer and more insured environment in Nigeria.