Heirs Insurance Seeks Greater Insurance Integration In Nigeria’s Housing Development

By LOVETH-AZODO CHIJIOKE, Lagos.

The Managing Director/Chief Executive Officer of Heirs General Insurance, Mr. Wole Fayemi, has called for the integration of insurance into Nigeria’s housing development strategy, warning that efforts to bridge the country’s housing deficit will remain incomplete if homes are not adequately protected against unforeseen risks.

Fayemi made the call while speaking during a panel session on advancing affordable housing and strengthening collaboration across the housing value chain at the 20th Africa International Housing Show 2026, where he urged policymakers, developers, financiers and homeowners to place risk protection at the centre of the nation’s housing agenda.

He argued that while increasing housing supply remains important, sustainable housing development must extend beyond construction to safeguarding the investments, families and communities that occupy those homes.

“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.

According to Fayemi, recurring incidents of building collapse and other property-related risks have demonstrated the need to reposition insurance from being viewed merely as a regulatory obligation to becoming a core component of housing development.

He noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 places responsibilities on both developers and occupiers to insure properties, stressing that compliance should be seen as a means of strengthening resilience across the housing ecosystem rather than simply fulfilling statutory requirements.

“Every building represents years of investment, aspiration and sacrifice. When those assets are left uninsured, the consequences extend far beyond individual property owners. Families are displaced, businesses are disrupted, financial institutions are exposed and national development suffers,” he said.

Fayemi also advocated closer collaboration among government, regulators, developers, insurers, financial institutions and homeowners, saying insurance should be embedded into housing finance and project development from inception to improve investor confidence and support more resilient communities.

He further called for increased public awareness of insurance as a tool for wealth preservation and economic stability, observing that many Nigerians still regard insurance as an afterthought instead of an essential safeguard.

According to him, insurance should form part of housing planning from the outset rather than being considered only after losses occur.

“If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation,” he added.