Notwithstanding the losses incurred after last year’s flooding in some cities, Nigerians, especially homeowners are yet to embrace property insurance in the country.
Currently, the property insurance market faces hard times, as many Nigerians have failed to recognise risks associated with homeownership.
It is a mandatory requirement by Section 64 of the Insurance Act, for all buildings of more than two floors under construction to be insured.
The Guardian gathered that most public buildings in Nigeria are not insured thereby leading to loss of life and property without remedy.
Section 65, sub-section 3 of the Insurance Act 2003, requires the owner or occupier of every public building to be insured against liability for loss or damage to property or death or bodily injury caused by collapse, fire, earthquake, storm or flood.
The 2003 insurance Act defines a public building as one to which members…
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