Lagos building collapse: No underwriter has claimed any relationship, says NCRIB

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Rescue workers are seen at the site of a collapsed 21-story apartment building under construction in Lagos, Nigeria, Monday, Nov. 1, 2021. At least two people were killed and dozens more remain missing after the collapse of a 21-story apartment building being built in an upscale area of Nigeria's largest city, witnesses said on Monday.(AP Photo/Sunday Alamba)

The Nigerian Council of Registered Insurance Brokers (NCRIB) says no insurance company has claimed a relationship with the collapsed 21-storey building in Ikoyi.

Tope Daramola, NCRIB’s Executive Secretary, said this in an interview with the News Agency of Nigeria (NAN) on the sidelines of the NCRIB Special Day at the 2021 Lagos International Trade Fair (LITF) in Lagos.

Daramola said despite the huge loss of lives and resources recorded at the building site, no underwriter had owned up to the incident.

“The fatal loss recorded from the incident is unfortunate, but as at today, no underwriter or broker has claimed any relationship with the collapsed building,” he said.

“The implication of this is a total loss for everyone involved, and sadly for those who lost their lives, if no insurer eventually shows up to take up the claims.”

According to him, the government must ensure that insurance is treated with utmost importance. Also, he said that the legislature should mandate insurance on storey buildings as the compulsory motor insurance policy and enforce it with the law enforcement agencies.

Daramola also noted that such legislation would result in higher returns for the industry, as insurance operators would increase their capacity to employ more labour, thereby reducing unemployment, social problems and also contributing to the GDP.

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