By Kingsley Adegboye

AGainst the backdrop of vast opportunities that could be tapped from the enforcement of the compulsory insurance of public buildings which the federal government is spearheading, members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and the Nigerian Insurance Association (NIA) are  partnering to ensure the  successful enforcement of the law.

At a one-day seminar put together by NIESV at MicCom Golf Hotels & Resorts, Ada, Osun State on cooperative and collaborative roles of estate surveyors and valuers and insurance companies, NIESV’s president, Mr. Bode Adediji noted that even as Nigeria continues to pride itself as the giant of Africa, the crucial sectors of the real estate and insurance are still largely at the infant stage of their development since their total contribution to the nation’s GDP remains negligible.

Mr. Adediji added that with the real estate and insurance sectors remaining in prostate condition, little wonder therefore the country continues to encounter the challenges of mass housing, youth unemployment, infrastructure decay and insecurity among others.

According to him, based on this observation therefore, the overarching objective of this seminar is to dissect the common problems plaguing the real estate and insurance industry and business as well as to proffer solution.

“No doubt, the first challenge that must be tackled is to generate a level of mutual understanding of the estate and insurance industry’s broad spectrum of professional and business landscape in a way that will shed light into the areas of interdependency, partnership and synergy possibilities. I believe, in more specific terms, that by the time this joint seminar is over, some pertinent questions that are not only of interest to the real estate and insurance professionals but also to the entire business community and Nigerian government would have been raised and perhaps resolved”, the president said.

In his paper entitled “Estate Surveyors & Valuers and the Compulsory Insurance Scheme: Professional Responsibilities, Challenges and Opportunities”, the  Director-General, NIESV Learning Centre, Lagos, Elder William Odudu while citing example with the standard in the banking sector, stated that the insurance firms and brokers can put in place approved list of valuers for the purpose of professionalism.

He pointed out that the list of registered and accredited surveyors can be obtained from the NIESV or from the Estate Surveyors and Valuers Registration Board (ESVARBON).

Registered valuers

Elder Odudu who noted that the accredited list can be reviewed from time to time to ensure that only properly registered valuers are used fro the valuation exercise, however admitted that there are enormous challenges for the regulators, saying that the greatest challenge is the creation of awareness of the new law to the general public.

According to him, most people are currently not Aware that the Insurance Act 2003 makes it obligatory for owners/occupiers to insure their properties against a listed insurance risks, explaining that the regulators though are making efforts through public enlightenment and the Market Development and Restructuring Initiative (MDRI) of the NIACOM, the majority of people are still ignorant of the law compelling them to insure against the risks listed in the law.

“The insurance operators must agree on a template for information needed to assist in proper assessment of premiums. The valuers have to brace up to the challenges of carrying out proper insurance valuation exercise.