Ikoyi Building Collapse: IICC Urges FG to Make Health Insurance Compulsory

Ebere Nwoji
The Chairman of Insurance Industry Consultative Council (IICC). 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 than 45 people but was discovered to have lacked insurance cover, which would have brought succor to the deceased dependents.

Oyegunle, speaking at the recent 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 had been done successfully in other countries therefore was 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.