The Chairman of the Nigerian Insurers Association (NIA) and Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, has highlighted vital role played
by insurance in ensuring that disaster does not turn into permanent financial hardship for citizens.
Nwachukwu stated this while presenting her goodwill message at the official launch of the Lagos State Building Insurance Scheme, an initiative designed to enforce compulsory building insurance across the state.
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Addressing dignitaries, including the Governor of Lagos State, Babajide Olusola Sanwo-Olu, represented at the event, and the Special Adviser on e-GIS & Urban Development, Dr. Olajide Abiodun Babatunde, Nwachukwu commended the Lagos State Government for translating existing statutory provisions into concrete public protection.
She emphasised that behind every physical structure lies human lives, family investments, and long-term dreams that require robust risk protection.
"Insurance cannot prevent every tragedy. But it can ensure that tragedy does not become permanent hardship," Nwachukwu said. "That is why I say today, especially to property owners and developers: Insurance is not a burden placed upon you, but a protection extended to you. It is one of the smartest investments anyone can make in safeguarding lives, assets, and the future," she added.
She observed that although compulsory building insurance has long existed within Nigerian statutes, enforcement and compliance have historically been weak.
She noted that Lagos State was setting a strong precedent by leveraging modern technology, geospatial intelligence (e-GIS), and digital enforcement to bridge the compliance gap.
According to her, the initiative proves what can be achieved when regulators, government agencies, and the insurance industry unite around a shared vision to build a safer and more resilient society.
She described the scheme as a proactive step toward community safety, ensuring insurance was prioritised before disaster strikes rather than treated as an afterthought.
Speaking on the broader implications for the underwriting sector, Nwachukwu noted that the scheme presented both an immense opportunity and a deep responsibility for insurance operators across the country.
She underscored that the project demonstrates how structured enforcement could deepen insurance penetration, build public confidence, and serve as a model for other states facing similar challenges such as urban flooding, building collapse, and fire outbreaks.
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