.As Lagos, insurers, others call for domestication of FG’s policy across states
.As Lagos moves to make occupier insurance policy mandatory for building safety approval

By Olasunkanmi Akoni

Aftermath of the #EndSARS civil unrest in 2020, insurance sector has disbursed over N11 Billion claims to insured individuals and organisations that suffered losses in the violence across the country.

Meanwhile, Lagos State Government and other stakeholders in the Insurance industry have called for domestication of the Federal Government’s policy in all states, in order to protect Nigerians and their businesses from vagaries in the event of an unfortunate incident.

Speaking at a joint press conference, after a stakeholders’ conference on Lagos Digital Compulsory Insurance, with theme:”Safer Lagos Insurance,”
Chief Executive Officer, CEO, Nigerian Insurance Association, NIA, Mrs Yetunde Ilori, with Director General, Lagos State Safety Commission, LSSC, Mr. Lanre Mojola who made the remarks, reiterated the need to imbibe insurance culture in the country.

Speaking on the role of insurance in developing economies, Ilori disclosed that “the insurance industry has paid over N11 Billion claims to insured individuals and organisations that suffered losses from the #Endsars civil unrest in 2020.

“We appreciate the work being done by the state government to ensure that all is well. The state has always been at the forefront and others follow.

“We will ensure that all arms of insurance companies key into it. We have four committees to ensure that the process is successful”, she said.

While stressing that the purpose of the insurance was not for revenue generation, Ilori said no amount of premium would be too much to pay as insurance cover.

She explained that the essence of the digital solution platform is to have hitch free exercise that will be transparent devoid of touts and other shoddy activities.

According to Ilori: “Section 65 of the Insurance Act 2003 stipulates that public buildings must be adequately insured ostensibly to cushion the impact and reduce burden and liability on property owners/government.

“Therefore, there is a need to support this initiative to achieve the noble objective for which the compulsory insurance act on building was enacted.”

Mojola, on his part said, property owners will not be issued safety compliance certificate except there is an evidence that occupier Insurance Policy has been subscribed.

He disclosed that the state government would collaborate with insurance companies to ensure safety and in the event of liabilities, pay compensations to the persons’ concerned.

He said a mandatory insurance digital solution platform would be introduced for all property owners in line with the Federal Government Insurance Act.

Mojola said, “Safety is everybody’s responsibility and Lagos State Government under the leadership of Mr Babajide Sanwo-Olu will continue to brace up in ensuring that there is safety across the State.

“No amount of effort to prevent accidents will still occur. That is why insurance comes in; that is why we are engaging and educating the public to make sure there is sustainability.

“Our role is to ensure that there is enforcement but we are starting with engagement. We are partnering with all the insurance companies in the provision of digital solution platforms for insurance cover.”

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