Despite the billions of naira worth of investments lost to flooding across the country last year, many Nigerians, particularly homeowners, have yet to embrace property insurance.
According to the BCPG, Lagos State accounts for 63 per cent of the 508 building collapses in Nigeria since 1974, with 320 cases recorded. The imminent flooding, rising fire outbreaks and building collapses underscore the need for Nigerians to embrace property insurance as a measure to hedge their losses from natural disasters.
This is despite the fact that Section 64 of the Insurance Act mandates all buildings of more than two floors under construction to be insured. “Whatever the government gives the victims of these losses by way of palliative is just scratching the back of the matter, and this should be a wakeup call. No matter how much we sympathise, some of this sympathy could amount to mere shedding of tears unless insurance is taken very seriously.”