NIA Hails Sanwo-Olu as Lagos Launches Building Insurance Scheme

The Nigerian Insurers Association (NIA) has commended the Lagos State Government for launching the Lagos State Building Insurance Scheme, describing it as a landmark initiative that will enhance the protection of lives, property and investments while strengthening resilience against disasters.

Chairman of the NIA and Managing Director/Chief Executive of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, gave the commendation on Friday during the official launch of the scheme, praising Governor Babajide Sanwo-Olu for providing the leadership that brought the initiative to fruition.

Nwachukwu said the scheme represents more than the introduction of another insurance policy, noting that it marks a significant shift in the state’s approach to safeguarding residents and infrastructure.

She said the initiative demonstrates what can be achieved when government, regulators and the insurance industry work together to build a safer and more resilient society.

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According to her, although building insurance has long been backed by law, effective implementation has remained a challenge over the years.

“Today, Lagos State is bridging that gap, by combining geospatial intelligence, digital technology and structured enforcement, the State is transforming a legal requirement into practical protection for its people.

“More importantly, it sends a powerful message that insurance is not an afterthought following disaster, it is an essential part of building safer communities before disaster occurs.”

The NIA chairman stressed that insurance plays a vital role in cushioning the effects of disasters such as building collapse, fire and flooding, saying it helps families, businesses and property owners recover from unexpected losses.

“Insurance cannot prevent every tragedy. But it can ensure that tragedy does not become permanent hardship.

“Insurance is not a burden placed upon you, but a protection extended to you. It is one of the smartest investments anyone can make in safeguarding lives, assets and the future.”

She also described the scheme as an opportunity to deepen insurance penetration in Nigeria, saying compulsory insurance, when supported by strong institutions, technology and collaboration, can improve public confidence while expanding access to financial protection.

Nwachukwu urged member insurance companies to uphold professionalism through fair underwriting and prompt settlement of claims, noting that public trust remains the industry’s greatest asset.

She expressed optimism that the Lagos initiative would serve as a model for other states grappling with challenges such as flooding, fire outbreaks and building collapse.

“My hope is that what Lagos has begun today will inspire similar initiatives across other states of the Federation.

“The Nigerian Insurers Association stands ready to work with other state governments to support practical initiatives that improve compliance, strengthen resilience and expand access to insurance protection.”

She reaffirmed the association’s commitment to working closely with governments, regulators and other stakeholders to promote insurance awareness and build a more responsive and trusted insurance industry.

Concluding her remarks, Nwachukwu congratulated the Lagos State Government on the successful launch of the scheme, describing it as a major step towards protecting lives, safeguarding investments and building more resilient communities.