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The digital compulsory insurance promoted by Nigerian Insurers Association (NIA) and Lagos State Safety Commission (LSSC) is expected to generate over 50,000 new employment opportunities statewide.

The Director-General, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, stated this in a document entitled: The Implementation of Lagos State Digital compulsory insurance Project (Public Building Insurance) presented at the Stakeholders’ Conference on Lagos State Digital compulsory insurance, which was held yesterday in Lagos.

She said 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.

Director-General/CEO Lagos State Safety Commission, Lanre Mojola, noted that over the years, numerous accidents and incidents such as natural disasters, building collapses, fires, explosions have resulted in injuries, permanent disability, loss of lives and property without any recompense to those affected and or their loved ones, adding that a recent case in point is the OPIC Plaza gas explosion in Ikeja with the attendant loss of lives and property.

He said to protect Nigerians and their businesses from vagaries in the event of unfortunate events and incidents leading to injury, property damage or death, the Federal Government through various Acts of parliament have over the years promulgated laws making seven Insurance Policies compulsory across the Federation.

He maintained that however, due to several factors, some of these Compulsory Insurances Laws have not been fully implemented. As such, when dangerous occurrences and disasters happen, the citizenry look up to the government for compensation. It is the determination of the present administration led by Governor, Babajide Olusola Sanwo-Olu to curb this trend for this very important relevant stakeholders engagement session.

“In focus here, today is the Compulsory Insurance Act regarding existing public buildings.

“As the economic capital of Nigeria and indeed the sixth-largest economy in Africa, Lagos State has a good stock of public buildings such as schools, offices, hospitals, hotels, events centres, restaurants, cafes, lounges, bars, supermarkets, shopping malls, cinemas amongst others,” he said.

 

Mojola noted that Section 65 of the Insurance Act 2003 stipulates that all public buildings shall be adequately insured ostensibly to cushion the impact and reduce the burden and liabilities on property owners/government.

He called on all stakeholders to support the initiative to achieve the noble objectives for which the Compulsory Insurance Act on Public Buildings was enacted, by sharing ideas and experiences on how we can together realise its full implementation in Lagos State.

 

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