Building collapse: Stakeholders stress the value of insurance and call for a legal review

To prevent future building collapse, certain stakeholders have emphasised the significance of insuring public structures and buildings that are now under development.

They spoke on Monday in Abuja at the National Insurance Conference 2023.

“Redefining Safety- Insurance Solutions for Public Buildings and Building Under Construction” is the conference’s theme, according to the News Agency of Nigeria (NAN).

They contend that the country’s continuous building collapses and their effects are disturbing and should be addressed appropriately.

They demanded a reassessment of the Insurance Act’s regulations regarding building collapse as a result.

They said that doing so would lessen the likelihood of contractors and builders constructing subpar structures and lessen the impact on building collapse victims.

The issue of public buildings’ and those under construction’s insurance compliance, according to Senate President Godswill Akpabio, is crucial.

Sen. Darlington Nwokocha spoke on behalf of Akpabio, who stated that “whenever a building collapsed, it does not just result in the loss of the building but also loss of lives, livelihoods, and infrastructure that would not be replaced without insurance solutions.”

He highlighted the necessity of taking further action and praised NAICOM for setting the pace in tackling building collapse and ensuring insurance compliance while also emphasising the need to examine the insurance legislation.

Dr. Tajudeen Abass, the Speaker of the House of Representatives, also lamented the country’s losses as a result of building collapse.

The conference was appropriate, according to Abass, who was represented by Ahmed Jaha, Chairman of the House Committee on Insurance and Actuarial Matters.

He said that the National Assembly would work with the insurance regulator to protect people and property across the nation.

READ ALSO: Gov. Alia floods the scene of the collapsing building and criticises the Dunamis leadership

Alhaji Aminu Ado Bayero, the Emir of Kano, who also spoke, advised attendees to learn more about safety standards in order to prevent the tragedy caused by a building collapse.

Bayero reiterated his commitment to helping NAICOM in its efforts and urged pertinent parties to give solutions to the problem.

The Ooni of Ife, Oba Adeyeye Ogunwusi, also promised to work with the regulator to make sure that insurance is available to everyone in the nation.

Traditional leaders, who Ogunwusi claims are stewards of traditional culture and are more in touch with the general populace, would do their share to inform their constituents about insurance.

The governor of Enugu State, Dr Peter Mba, also spoke during which he ascribed the building collapse on a failure to follow the proper procedures.

Mba also promised to work with the state’s insurance providers to make sure that any structures built there adhered to the law.

Jim Ovia, Chairman of Zenith Bank Plc, urged for increased insurance penetration in the nation while discussing the importance of insurance and technology.

Ovia bemoaned the country’s low insurance penetration rate in light of its sizable population.

He asked NAICOM to collaborate with mobile providers so that insurance services might be offered via mobile devices.

In addition, Mr. Tony Elumelu, the Chairman of Heirs Holding, noted that in order to increase insurance penetration, it was necessary to make insurance more appealing to young people.

Elumelu asserts that cooperation is essential for raising knowledge of insurance in the nation and guaranteeing that it is adhered to.

He suggested insurance recapitalization and said that insurance companies should set aside a portion of their profits to promote awareness of the industry.

According to Elumelu, “With the right enabling environment, we will see the sector in Nigeria transform.”

Sunday Thomas, the commissioner for insurance, had earlier reaffirmed the commission’s determination to keep working with the right parties to advance the industry.

Government representatives as well as important sector stakeholders and players attended the conference, according to NAN. (NAN)