The Nigerian Insurers Association (NIA) on Friday applauded the Lagos State Government for transforming building insurance from a theoretical legal requirement into a practical shield for lives and property.
Speaking at the official launch of the Lagos State Building Insurance Scheme, the Chairman of NIA and Managing Director/CEO of Rex Insurance Ltd, Mrs. Ebelechukwu Nwachukwu, praised Governor Babajide Sanwo-Olu’s administration for bridging the long-standing gap between policy and enforcement.
She said, “Today is not merely the launch of a new insurance scheme. It is the launch of a new way of protecting lives, property, and the future of Lagos State. This initiative demonstrates what is possible when government, regulators, and the insurance industry work together with a shared purpose to build a safer, more resilient society.
“Building insurance has existed in our laws for many years. What has often been missing is effective implementation. Today, Lagos State is bridging that gap. By combining geospatial intelligence, digital technology, and structured enforcement, the State is transforming a legal requirement into practical protection for its people. That is worthy of recognition.
“More importantly, it sends a powerful message that insurance is not an afterthought following disaster; it is an essential part of building safer communities before disaster occurs.
“Behind every building is more than bricks and concrete. There are families. There are businesses. There are livelihoods. There are dreams built over many years. When a building collapses, when fire destroys properties, or when floods devastate communities, it is not only infrastructure that is lost—it is hope, opportunity, and financial security.
“Insurance cannot prevent every tragedy. But it can ensure that tragedy does not become permanent hardship. That is why I say today, especially to property owners and developers: Insurance is not a burden placed upon you, but a protection extended to you.
“It is one of the smartest investments anyone can make in safeguarding lives, assets, and the future.
“This Scheme is not only good for Lagos; it is good for Nigeria. It demonstrates that compulsory insurance, when supported by strong institutions, effective technology, and stakeholder collaboration, can simultaneously protect citizens, strengthen public confidence, and deepen insurance penetration.”
On the part of the NIA, she added, “For our member companies, this represents an opportunity and a responsibility: an opportunity to extend protection to more Nigerians, and a responsibility to deliver professional service, fair underwriting, and prompt claims settlement.
“As our regulator has consistently reminded us, the greatest asset of our industry is trust. Every policy issued under this Scheme is an opportunity to strengthen that trust. Every claim settled promptly is an opportunity to reinforce public confidence.
“My hope is that what Lagos has begun today will inspire similar initiatives across other states of the Federation. The challenges of fire, flooding, and building collapse are not unique to Lagos. The Nigerian Insurers Association stands ready to work with other state governments to support practical initiatives that improve compliance, strengthen resilience, and expand access to insurance protection.”
She assured that the Association will continue to support its member companies while working closely with government agencies and regulators. “We will promote public awareness of the value of insurance and continue to champion an insurance industry that is professional, trusted, and responsive.
