Collapsed Ikoyi Building: IIFG Urged to Make Health Insurance Compulsory

Ebere Nwoji
The Chairman, Insurance Industry Consultative Council (IICC), Mr Muftau Oyegunle has called on federal government to make health Insurance compulsory in Nigeria.
He made the call against the backdrop of the collapsed Ikoyi building, which killed no less that 45 people but lacked insurance cover to bring succor to the deceased dependents.

The IICC is a body that unites all the arms of insurance industry in Nigeria.It is an organ through which the insurance Operators speak with one voice on crucial issues that affect the industry.

It comprises of Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers(NCRIB), Chartered Insurance Institute of Nigeria( CIIN), Institute of Loss Adjusters of Nigeria(ILAN).

Oyegunle, who is its current president spoke at the Annual Media Retreat organised by the IICC council for Insurance and Pension journalists at Asese, Ogun state, said the federal government could achieve this by subsidising the premium paid by Nigerians on the policy.

He noted that this has been done successfully in other countries therefore is achievable in Nigeria.
“It may interest you to know that common malaria kills more people in Nigeria than Covid.“The recent Collapse of 21 storey 360 degrees apartment at Gerald Road, Ikoyi on November 1, 2021 where 45 deaths so far have been recorded with many wounded without any insurance cover exposed the level of decadence in our society. It simply revealed the level of culture of settlement in our country. “he said.

Oyegunle, explained that the insurance industry would not be able to avoid the incident or do anything after the incident since they were not involved from the beginning.

He added that the industry was waiting for the response of the Lagos State Government whom he said would share in the blame of the collapsed building which obviously lacked insurance cover.

Also Speaking, the Managing Director /CEO, Afriglobal Insurance Brokers Limited, Casmir Azubuike, while presenting his paper titled, ‘Changing the face of Insurance Practice,’ at the retreat, urged federal government to look into and regulate the high cost of building materials.

He explained that due to the high cost of building materials, developers try to use substandard materials or cut corners to get things done to save cost thereby resulting in the collapse of buildings.