According to the Act, all public buildings must be insured against hazards including collapse, fire, earthquake, flood and storms.
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โ Punch Newspapers (@MobilePunch) August 18, 2025
Landlords and occupiers of public buildings who fail to insure their properties now risk a fine of N1 million, a 12-month jail term, or both, under the newly enacted Nigerian Insurance Industry Reform Act.
According to the Act, all public buildings must be insured against hazards including collapse, fire, earthquake, flood and storms. Section 76(6) defines public buildings as tenement houses, hostels, rental properties, and any structure accessed for education, healthcare, recreation, or business.
The law mandates that policies also cover liabilities for injury, death or damage to users of premises. NAICOM has been empowered to seal unsafe buildings without valid insurance cover.
Additionally, insurers must remit 0.25 per cent of premiums into a Fire Services Maintenance Fund, with defaulters facing penalties of up to 10 times the required payment.
โAn owner or occupier of premises who contravenes the provisionโฆis liable on conviction to a fine of at least 1,000,000 or imprisonment,โ the Act states.