The National Insurance Commission of Nigeria (NAICOM) and Nigerian Federal Fire Service have reviewed and strengthened their partnership. As per the new agreement the Federal Fire Service will integrate fire insurance policy into its checklist to boost compliance levels and promote insurance penetration in Nigeria.
NAICOM has said the partnership is expected to have far-reaching benefits, including improved settlement for beneficiaries of building collapse victims, mitigation of potential risks, protection of investments, and promotion of economic growth.
The agreement will enable improved insurance penetration by encouraging increased awareness and uptake of insurance products among building owners and developers. It will also encourage proactive measures to minimise potential risks associated with building collapse and other related hazards.
The agreement will also promote country’s growth by contributing to Nigeria’s economic growth through increased investment, job creation, and financial stability.