NAICOM, Federal Fire Service Collaborate to Boost Insurance Penetration
By Patience Ikpeme
The National Insurance Commission (NAICOM) and the Federal Fire Service have agreed to integrate Fire Insurance Policy into their checklist, a move aimed at boosting compliance levels and promoting insurance penetration in Nigeria.
During a meeting held at the NAICOM Headquarters, both agencies reviewed and strengthened their partnership to enhance fire safety and insurance coverage.
The Federal Fire Service, as a key member of the committee on insurance of public buildings and buildings under construction, recognized the significance of this integration.
By incorporating Fire Insurance Policy into their checklist, the Fire Service aims to ensure that all buildings are adequately insured, thereby mitigating potential risks, protecting investments, and promoting economic growth.
This collaboration is expected to yield several benefits, including improved settlement for beneficiaries. In the event of building collapses, the integration of Fire Insurance Policy will facilitate faster and more efficient compensation for victims.
By ensuring adequate insurance coverage, this partnership will help to minimize potential risks associated with building collapses and other fire-related hazards. The collaboration will raise awareness and encourage greater uptake of insurance products among building owners and developers. By promoting a safer and more insured environment, this partnership will contribute to increased investment, job creation, and overall economic stability in Nigeria.
The meeting, presided over by NAICOM’s Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, emphasized the importance of collaboration between the two agencies to create a safer and more insured environment in Nigeria.
This partnership marks a significant step towards enhancing fire safety, promoting insurance penetration, and contributing to the overall development of the Nigerian insurance sector.
