The managing director of Heirs General Insurance, Wole Fayemi, has urged policymakers, developers and other stakeholders to make insurance protection a central part of Nigeria’s housing agenda.

Mr Fayemi made the call during a panel session at the 20th Africa International Housing Show, where participants discussed affordable housing and collaboration across the housing value chain.

Mr Fayemi, in a statement on Tuesday, said the country’s housing challenges cannot be solved through construction alone. He said increasing the supply of housing would have limited impact if the buildings remained exposed to preventable risks.

“A housing policy that focuses solely on construction is incomplete. The true measure of success is not only the number of homes we build, but how effectively we protect the people, investments and communities those homes represent,” he said.

Mr Fayemi noted that while Nigeria was intensifying efforts to bridge its housing deficit, insufficient attention was being paid to protecting completed homes from risks after occupation.

Mr Fayemi said recurring cases of building collapse across the country, which had resulted in loss of life, economic losses and declining public confidence in the built environment, underscored the need for stronger risk protection.

He restated that insurance should no longer be viewed merely as a regulatory requirement but as an essential pillar of sustainable housing development.

Referring to the Nigerian Insurance Industry Reform Act (NIIRA 2025), Fayemi said developers and property owners had a responsibility to insure properties not only to comply with the law but also to strengthen resilience within the housing sector.

The insurance executive also called for closer collaboration among government, regulators, developers, insurers, financial institutions and homeowners to achieve sustainable and affordable housing.

According to him, integrating insurance into housing finance and development from the planning stage will boost investor confidence, encourage sustainable projects and strengthen communities against unforeseen events.

Mr Fayemi also advocated increased public awareness of insurance, noting that many Nigerians still regarded it as an afterthought rather than a strategic tool for wealth preservation and economic stability.

“Insurance should not begin when disaster strikes. It should begin when plans are being drawn. If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation,” Mr Fayemi explained.

He noted that the national housing conversation should shift from focusing solely on the number of housing units delivered to ensuring the long-term resilience and protection of the assets being created. 

(NAN)