The umbrella body of insurance companies, the Nigerian Insurers Association (NIA) while commiserating with victims Of the Ikoyi Building Collapse has urged the Nigerian public to comply with building rules and adopt insurance for the protection of life and properties.
NIA described the tragic collapse of a 21-storey building at Gerard Road, Ikoyi, Lagos State on Monday as painful and a big loss to the country.
Yetunde Ilori, director-general, NIA, said in a statement that the association wishes to commiserate with the families of those who lost loved ones in the sad event and wishes those hospitalized quick recoveries.
Latest report showed that about over 40 victims had lost their lives while many were still trapped under the rubbles.
While observing the worrisome reoccurrence of building collapse in the country, the NIA emphasized the need for the general public to comply with all building rules and adopt insurance in the protection of lives and property to curb further incidence of building collapse.
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According to the country’s statutory laws, Section 65 of the Insurance Act 2003 stipulates that all public buildings shall be adequately insured, while Section 64 of the Act provides that all buildings under construction above two floors shall be adequately insured with a registered insurance company.
The law explains further that every public building should be insured against the hazards of collapse, fire, earthquake, storm and flood.
Public buildings include a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.
Ilori called on stakeholders in the built environment to arrest the rising incidents of building collapse by ensuring strict adherence to standards, adding that the nation has lost so much to the carelessness of a few unpatriotic builders.
The NIA DG assures the insuring public of the industry’s capacity and readiness to respond to the needs of Nigerians through the provision of insurance protection to the citizens.
