Building homes is not enough without insurance – Heirs General Insurance warns

Nigeria’s drive to close its huge housing deficit will remain incomplete unless insurance becomes a core pillar of housing development, according to Heirs General Insurance, which says protecting homes is just as important as building them.

The insurer warned that uninsured properties expose homeowners, lenders and the broader economy to avoidable financial losses, undermining efforts to deliver sustainable and affordable housing.

Speaking at the 20th Africa International Housing Show 2026, Wole Fayemi, managing director/CEO, Heirs General Insurance, urged policymakers, developers, financiers and regulators to integrate insurance into every stage of housing delivery, arguing that risk protection is essential to safeguarding investments and strengthening confidence in Nigeria’s real estate market.

He said a housing strategy focused solely on increasing supply fails to address the long-term resilience of the country’s housing stock.

“A housing policy that focuses solely on construction is incomplete. The true measure of success is not only the number of homes we build, but how effectively we protect the people, investments and communities those homes represent,” Fayemi said.

He made the remarks during a panel session on advancing affordable housing and strengthening collaboration across the housing value chain, where he argued that insurance should no longer be treated as a regulatory obligation but as a strategic tool for protecting wealth, attracting investment and supporting national development.

Fayemi’s comments come as Nigeria grapples with recurring building collapses and a housing deficit estimated at more than 20 million units, with the country seeking new ways to mobilise investment into the sector while improving resilience against unforeseen risks.

He cited the Nigerian Insurance Industry Reform Act (NIIRA) 2025, noting that the law reinforces the responsibility of developers and occupiers to insure properties, not merely for compliance but to strengthen the resilience of the entire housing ecosystem.

According to him, embedding insurance into housing finance from the planning stage would improve investor confidence, reduce economic losses and help build more sustainable communities.

“Every building represents years of investment, aspiration and sacrifice. When those assets are left uninsured, the consequences extend far beyond individual property owners. Families are displaced, businesses are disrupted, financial institutions are exposed, and national development suffers,” he said.

He also called for greater public awareness of insurance as a tool for wealth preservation, stressing that risk protection should begin when housing projects are conceived rather than after disaster strikes.

“Insurance should not begin when disaster strikes; it should begin when plans are being drawn. If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation,” Fayemi said.