Executive Director of Finance, Systems and Investments at Consolidated Hallmark Insurance (CHI), Mr Babatunde Daramola, has said that the key objective of insuring public buildings is not to make money, but to solve societal problem and if money is in the process, it is an add-on.
He added that the insurance of buildings and buildings under construction is a critical safety enhancer and solution to the menace of building collapse across the country.
Daramola stated this in Abuja on the sidelines of the two-day National Insurance Conference 2023 organised by the National Insurance Commission (NAICOM) with the theme, ‘Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction.’
He observed that although this is one of the compulsory insurances by virtue of the Insurance Act, it is not being enforced.
According to him, driving the narrative at this time is critical to enhancing the safety of public buildings across the country, adding that CHI has sufficient expertise and capitalisation to insure public buildings across the country.
Daramola stated, “The key objective of insuring public buildings is not to make money. The key objective is to solve societal problem and if we make money in the process, it is an add-on.
“We have seen cases of building collapse across the country. When a building collapses, apart from the material damages, sometimes we have innocent victims thus the government has made it compulsory that owners of these properties insure them.
“The insurance will ensure that when a building collapses, the insurance will pay back the loss on the property and victims. Sometimes the victims are only injured, but you still need money to finance the medical bills.
“So NAICOM through this conference is enhancing collaboration between the regulator, the government agencies responsible for buildings safety, even lawmakers and operators to deal with the problem based on the solution the government has put in place. We are proud to be one of the sponsors of this conversation.”
Daramola further stated that CHI provides insurance for general businesses and sister companies that handle finance business, health management and micro-insurance life products.
“We are ready to provide insurance cover on public buildings and buildings under construction. We are available in our physical offices and online in real time. You can buy insurance real time online at our website. The issue people have always talked about when it comes to insurance of claims settlement. We pride ourselves on knowing the business. We have been around since 1991 and we will be around for a longer time. We settle genuine claims promptly,” he stated.
Also speaking at the sidelines, Mr Mac Ekechukwu, the Regional Director, Northern Operations said the conference is very significant for the economy of Nigeria.
He said, “If you are following the trend, in 2021 alone at least 49 buildings collapsed in Lagos. You can imagine the exposure to both human and material loss. Of course, we don’t even have sufficient data, it could be more. If these buildings were insured, the level of losses wouldn’t be much. In the insurance of public buildings, everyone is interested because we are all exposed in one way or the other. The government is exposed, the corporates are exposed and individuals are exposed.
“It is important people are aware of the consequences of not insuring their public properties and insurance penetration will be the biggest beneficiary.”
He said CHI is poised to serve the public by ensuring their risk exposures are mitigated.
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