As part of efforts to strengthen the enforcement of compulsory insurance regulations in Nigeria’s construction sector, the National Insurance Commission (NAICOM) on Wednesday convened the 4th meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction.
The meeting, held in Abuja, and chaired by the Deputy Commissioner for Insurance (Finance and Administration), Mr. Ekerete Ola Gam-Ikon, brought together key stakeholders from regulatory agencies, the insurance industry, and the construction sector to review implementation progress and address ongoing challenges.
In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and highlighted NAICOM’s current enforcement drive. He said the commission had begun enforcement with third-party motor insurance and is now extending its focus to public buildings and those under construction, as mandated by law.
He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.
The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.
The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.
The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.