NAICOM decries 84 deaths from building accidents in year 2022

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has expressed worries over
62 catastrophes arising from building collapse in year 2022, which caused 84 deaths and injuring 113 persons.

Determined to mitigate such unwarranted losses, the insurance industry regulator, has planned to hold 2023 National Insurance Commission (NAICOM) National Insurance Conference billed for October 22 to 24 at the Abuja Continental Hotel, of which
President Bola Ahmed Tinubu will be the Special Guest of Honour.

The event with the theme: ‘Redefining Safety, Insurance Solutions for Public Buildings and Buildings under Construction’ will parade dignitaries such as; the Chairman, Heirs Holdings & United Bank for Africa Group,b Tony Elumelu, who is the Theme Paper Presenter; Executive Governor, Lagos State, Babajide Sanwo-Olu, Guest Speaker; Minister of Finance Olawale Edun, Chief Host and Commissioner for Insurance Sunday Thomas, Host.

Speaking on the event, Thomas, said the recent alarming rate of building collapses in Nigeria underscores the urgent necessity of implementing comprehensive insurance for our public buildings and buildings under construction, adding that these two types of insurance are part of the compulsory insurance policies of the National Insurance Commission, that give succour to our people in the event of a building collapse or the occurrence of other risk factors.

He noted that according to the Building Collapse Prevention Guild, at least 62 catastrophes in 2022, causing 84 deaths and injuring 113 persons. Lagos had 20 cases, while Kano and Anambra recorded five building accidents each, and Delta and Jigawa fourn each, stressing that also, 135 cases were reported between 2007 and 2013 and that these collapses not only result in the loss of invaluable human lives but also lead to significant financial burden for the government and communities.

He submitted that as a nation, as landlords and building owners, as project managers and site builders, and users and workers within public buildings, we need to start taking these two insurance policies very seriously – The Public Building Insurance and the Insurance of Building under Construction, adding that they can provide financial protection against such unforeseen disasters, enabling swift recovery, reconstruction, and the restoration of critical services.

He said by insuring public buildings, Nigeria can safeguard its infrastructure investments, ensure the continuity of essential services, and promote a safer, more resilient environment for its citizens.

This upcoming conference, he said is bringing stakeholders together to forge a way forward to drive more awareness and compliance with the Public Building Insurance and the Insurance of Buildings under Construction

The Commissioner for Insurance, submitted that as he welcomes all intending attendees and participants to this year’s National Insurance Conference scheduled for October 2023, this year is of special importance owing to the various events that have taken place, especially the successful transition to a new Government, under the leadership of His Excellency, Bola Ahmed Tinubu GCFR, President, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, adding that for this year, NAICOM has chosen a theme that is of paramount importance to Nation Building, and collective prosperity – ‘Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction’.

He noted that NAICOM is honoured to host this pivotal gathering that brings together industry leaders, experts, and forward-thinkers, stressing that its aim is not merely to discuss, but to usher in a new era of collaboration, one where insights are transformed into actionable strategies that redefine safety standards.

“As your prepare to come, get ready to navigate through enlightening sessions, engaging discussions, and the exchange of ideas, to shape the future of insurance and our dear nation. Every contribution, every question asked, and every idea shared has the potential to spark a positive change that resonates far beyond this conference. I will be seeing you all during the conference,” he said.

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