Ikoyi Building Collapse: IICC Makes Case For Compulsory Health Insurance, Blames LASG

By LOVETH AZODO, Lagos

Following the recent collapse of the 21 storey 360 degrees apartment at Ikoyi , Lagos which resulted to 45 deaths with many wounded without any Insurance Cover, the Chairman of the Insurance Industry Consultative Council (IICC), Sir. Muftau Oyegunle has called on the Federal Government to make health Insurance compulsory in the nation.

Oyegunle who made the call at the IICC 2021 Media Retreat on Saturday at Asese, Ogun state said that the federal government can achieve this by subsidizing the premium.

According to him, it has been done successfully in other countries “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.

The Council chairman explained that the Insurance Industry would not be able to avoid the incident or do anything after the incident since they were not made involved from the beginning.

He added that the Industry is waiting for the response of the Lagos State Government who is to be blamed for the incident and lack of insurance cover.

Many things went wrong from the beginning because no house collapse without giving you a sign, there are always traces that something is going wrong . Lagos State saw it and that was why they recommended remedial actions which they try to do before the building collapsed.

I think we all need to wait to hear what the government has to say on that collapse, we can not say anything because we do not have facts. The State Government should be held responsible for the collapse.

On the compulsory insurance for buildings up to 2 storey under construction which if implemented would have avoided the menace he explained that all insurance laws are federal government ‘s laws.

“The state government has to domesticate and implement it. After they have domesticated it, when it comes to fines and penalties the state government have the liberty to decide how to do it in their state. They can go above the stipulated fine but cannot go below it. So we have to understand the way we operate and how to make things happen” he explained.

However, he commended the Lagos State Government for playing a leading role I in the adoption of insurance. “I commend Lagos State Government , of all the states Lagos is even ahead because some states don not even know whatis going on but Lagos state domesticated and enforced it “ he said.

Also Speaking, the Managing Director /CEO of Afriglobal Insurance Brokers Limited , Casmir Azubuike proposed in his paper titled ‘Changing the face of Insurance Practice’ that the federal government should look into and regulate the high rate of building materials.

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

He said “as an insurer once there is a loss, you go into your books and check if you are part of that cover and once you are not part of it, every other thing is secondary.

“The insurance industry was not part of the scene to from the construction till the time it collapsed. We can not take anyone as a “Scape Goat” because even the Lagos State Government are still searching through to know the extent it can come in even though they are the landlord so you dont expect us to jump into it” he said