The National Insurance Commission (NAICOM) and the Federal Fire Service are working together to boost compliance levels and promote insurance penetration
through the implementation of integrated Fire Insurance Policy into their checklist.

In a statement from the Commission, the strengthening of the partnership between the two agencies who are all members of the committee on insurance of public buildings and buildings under construction, reached the conclusion at the NAICOM Headquarters, Thursday in Abuja.

The partnership is expected to have far-reaching benefits, including improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.

The key aspects of the agreement include:

  • Enhanced Compliance: Integration of Fire Insurance Policy into the Federal Fire Service’s checklist to ensure adherence to insurance regulations.
  • Improved Insurance Penetration: Increased awareness and uptake of insurance products among building owners and developers.
  • Risk Mitigation: Proactive measures to minimize potential risks associated with building collapse and other related hazards.
    -Economic Growth: Contribution to Nigeria’s economic growth through increased investment, job creation, and financial stability.

The meeting was presided over by the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who emphasized the importance of collaboration between NAICOM and the Federal Fire Service in promoting a safer and more insured environment in Nigeria.