The National Insurance Commission (NAICOM) and the Lagos State Government are collaborating on ways to ensure the enforcement of Compulsory Insurance in Lagos State.

The Director General of Lagos State Safety Commission (LSSC), Mr Hakeem Dickson who led the delegation from the Lagos State government to a meeting with the NAICOM Commissioner for Insurance (CFI), Alhaji Mohammed Kari in Abuja said the meeting had become imperative in view of frequent cases of building collapse and attendant loss of lives and property without compensation to third party victims.

On his part, Alhaji Kari noted that Compulsory Insurance was the way out of the vicious cycle, drawing his visitor’s attention to sections 64 and 65 of the Insurance Act of 2003 which relate to insurance of buildings under construction and other public buildings.

According to Kari, the move is to ensure safety of third parties and adequate, assured compensation in the event of injuries or death from any building mishap.
The CFI led the NAICOM team. while Mr. Hakeem Dickson, the DG of LSSC, led the Lagos delegation.

Recall that Lagos State had been at the centre of several building collapse in the past with attendant loss of lives and property without compensation due to negligence on the part of property owners who do not consider insurance as a way of redressing incidence of disasters when they occur.

NAICOM’s initiatives is to drive the enforcement of compulsory insurances in the country through collaboration with State Governments. To this end, the Commission has already met with the Governors of Ogun and Gombe States while efforts are being made to meet other Governors.
The launch of the second face of the Market Development and Restructuring Initiative (MDRI ) of the Commission is being planned for this quarter. The launch will kick start the enforcement of compulsory insurances at the national level.