NAICOM Partners Fire Service On Insurance Policy Compliance

• To boost nationwide awareness campaign

BY EDMOND ODOK – The National Insurance Commission (NAICOM) is pursuing robust collaboration with the Federal Fire Service (FFS) towards the effective execution of the existing Fire Insurance Policy (FIP) in Nigeria.

This is part of the Commission’s fresh initiatives to mobilize inter-agency assistance and deploy insurance policies as a strong tool for the safety and security of public property.

According to the insurance industry regulator, engaging and strengthening collaborative efforts with the Fire Service, as a key member of the Committee on insurance of public buildings and buildings under construction, represents a major step going forward.

In setting up their partnership arrangements, the FFS has reportedly agreed to integrate the Fire Insurance Policy into their checklist as part of measures to boost compliance levels and promote insurance penetration across the country.

Rising from an engagement meeting by both agencies, which was presided over by NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, emphasis was placed on the importance of collaboration between NAICOM and the Fire Service in promoting a safer and more insured environment in Nigeria.

Importantly, both sides acknowledged that the collaboration would greatly benefit the country, in areas such as improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.

Highlights of the pact are indicated as follows:

• 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; and
• Economic Growth: Contribution to Nigeria’s economic growth through increased investment, job creation, and financial stability.