Professionals in the insurance and building sectors of the Nigerian economy have called on the government to enforce laws related to the insurance of buildings. They made this appeal during the 2023 National Insurance Brokers Conference and Exhibition, which had the theme “Insurance and The Building Industry: Forging a Better Synergy.” The professionals aim to address issues related to building collapses in Nigeria and emphasize the need for laws to be enforced to ensure the safety of lives and assets in the country.
Sections 64 and 65 of the 2003 Insurance Act stipulate compulsory insurance for public buildings and buildings under construction against hazards like collapsed buildings, fire damage, and natural disasters. However, these laws are often not enforced, leading to losses and property damage in cases of building collapses.
Collaboration between the insurance and building sectors is seen as crucial to enhancing the national economy and ensuring the safety of buildings. Currently, there is a lack of synergy between these sectors in Nigeria, and professionals in both areas are ready to work together to prevent building collapses and associated risks.