NAICOM Resets Strategy to Elevate Public Building & Construction Insurance to New Heights

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Front Row From Left: Bldr. Timothy Kenji Abuja Metropolitan Mgt Council, Mrs. Adebola Odukale DG NIA, Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon, who serves as the Committee Chairman Centre, Dr. Celestina Eke mni Fed. Min. of Housing & Urban Dev., Mr. Rasaaq Salami NAICOM


On Tuesday, July 2, 2024, the committee, chaired by Deputy Commissioner for Insurance Mr. Ekerete Ola Gam-Ikon, convened a meeting of its members to address crucial aspects of its national mandate. Gam-Ikon reminded the committee members that the theme of their discussions was the development of robust frameworks or methodologies aimed at ensuring widespread compliance with public building and construction insurance. Additionally, the committee seeks to lay other foundational guidelines to steer operators in the public building and construction insurance business into the future. This initiative aims to establish clear standards and practices that will enhance the safety and reliability of public infrastructure projects, ensuring a sustainable and secure environment for public construction endeavors.

The Ameh News recalls that the National Insurance Commission (NAICOM) convened the 2nd Meeting of the Insurance of Public Buildings and Buildings Under Construction Committee in Abuja, marking a pivotal moment in its ongoing efforts led by Commissioner for Insurance Mr. Olusegun Ayo Omosehin. This gathering builds upon the momentum set by the inaugural National Insurance Conference on public building insurance held from October 22-24, 2023, in Abuja.

The Deputy Commissioner for Insurance and Committee Chairman welcomed representatives from diverse stakeholder institutions. In his address, he underscored the committee’s critical national mandate to establish a robust framework ensuring compliance with public building and construction insurance. This initiative aims to significantly bolster insurance uptake within these sectors.

Discussions throughout the day centered on several key objectives:
1. Stakeholder Collaboration: Identifying synergies and fostering partnerships with stakeholders to enhance collective efforts.
2. Legislative Engagement: Collaborating with State Governors and Houses of Assembly to domesticate insurance laws, thereby improving compliance nationwide.
3. Policy Research: Conducting extensive research on international insurance practices to inform local policy development.
4. Public Awareness: Educating stakeholders on the importance of adhering to mandatory insurance regulations for comprehensive coverage and risk management.

NAICOM’s strategic reset aims to close existing gaps, reinforce enforcement mechanisms, and foster greater collaboration among stakeholders. By aligning policies with contemporary risk factors and global best practices, NAICOM seeks to ensure robust protection for public buildings and construction projects against diverse risks.

Future initiatives include nationwide awareness campaigns and capacity-building programs for public officials and building managers. Additionally, NAICOM plans to implement advanced digital platforms for streamlined policy management, risk assessment, and claims processing. Continuous monitoring and evaluation will underpin these efforts to uphold policy effectiveness and responsiveness.

Through dynamic public-private partnerships and transparent governance practices, NAICOM is committed to enhancing the resilience and safeguarding of Nigeria’s public infrastructure. This strategic overhaul, guided by Commissioner Omosehin’s leadership and Mr. Gam-Ikon’s expertise, sets a transformative course for public building insurance, reinforcing its pivotal role in national development and risk mitigation.

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