The National Insurance Commission (NAICOM) and the Federal Fire Service have strengthened their collaboration to enforce compliance with Fire Insurance Policy requirements in Nigeria. During a meeting at NAICOM Headquarters, the Federal Fire Service, a key member of the committee on insurance of public buildings and buildings under construction, agreed to integrate Fire Insurance Policy into its regulatory checklist.
This strategic move is expected to bolster insurance penetration across the country and ensure higher compliance levels among building owners and developers.
Key Highlights of the Partnership:
Mandatory Fire Insurance Checks: Fire Insurance Policy will now form part of the Federal Fire Service’s inspection requirements for public and under-construction buildings.
Improved Risk Management: Proactive measures to mitigate risks associated with building collapses and related hazards will be implemented.
Increased Insurance Awareness: The initiative is designed to boost awareness and adoption of insurance policies within the construction and property sectors.
Economic Growth: Enhanced insurance uptake is projected to protect investments, stimulate financial stability, and contribute to Nigeria’s economic progress.
The Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who presided over the meeting, emphasized the critical role of synergy between NAICOM and the Federal Fire Service in fostering a safer, well-insured environment.
This partnership is set to enhance settlement for beneficiaries of building collapse victims, safeguard investments, and promote overall economic development in the country.
