NAICOM Unveils Comprehensive Strategy to Enhance Insurance for Public Buildings and Buildings Under Construction

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The National Insurance Commission (NAICOM), under the leadership of Commissioner for Insurance Mr. Olusegun Ayo Omosehin, has commenced a comprehensive strategy aimed at significantly enhancing the penetration and effectiveness of insurance for public buildings and buildings under construction. This strategy focuses on comprehensive frameworks that fostering stakeholder synergies and engaging in legislative liaison to ensure better compliance and coverage across Nigeria.

Stakeholder Synergies
NAICOM is committed to identifying and exploring synergies with key stakeholders to foster collaborative efforts. By partnering with various entities within the insurance sector, including insurers, brokers, public agencies, and industry experts, NAICOM aims to create a unified approach to insuring public buildings and buildings under construction. This collaboration is expected to lead to innovative solutions and improved insurance products tailored to address the specific needs and challenges associated with these structures.

Legislative Liaison
A crucial aspect of NAICOM’s strategy is engaging with State Governors and Houses of Assembly to domesticate insurance laws. By aligning these laws with national regulations and ensuring their effective implementation at the state level, NAICOM should seeks to achieve better compliance across all regions. This legislative engagement will involve continuous dialogue with state authorities to address local challenges and ensure uniform adherence to insurance requirements for public buildings and buildings under construction.

The strategy also includes launching nationwide awareness campaigns to educate stakeholders about the importance and benefits of insuring public buildings and buildings under construction. NAICOM should plans to implement training programs for public officials and building managers to enhance their understanding and compliance with insurance requirements.

Additionally, NAICOM is urges to develop digital platforms for efficient policy management, risk assessment, and claims processing. Continuous monitoring and evaluation will support these efforts, ensuring that policies remain effective and strategies are adjusted based on emerging trends and feedback.

Through public-private partnerships and transparent reporting, NAICOM aims to leverage resources and expertise to enhance the resilience and protection of Nigeria’s public infrastructure. This comprehensive strategy, guided by the leadership of Mr. Olusegun Ayo Omosehin, is poised to elevate the insurance coverage for public buildings and buildings under construction, safeguarding public assets and supporting national development.

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