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Ikoyi collapsed building was not insured, says NIA

The 21-storey building located in Ikoyi area of Lagos State that collapsed a fortnight ago was not insured, say the Nigerian Insurers Association and the Nigerian Council of Registered Insurance Brokers.

The two bodies said that the collapsed Ikoyi high rise building did not get any insurance cover.

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According to the National Insurance Commission, the regulatory body for the industry, out of the 61 licensed insurance companies in the country, 44 operators, comprising of 13 composite and 31 general underwriters, can underwrite building insurance.

The NIA currently has 41 out of the 44 underwriters as its members.