Heirs General Insurance has called for insurance to be embedded into Nigeria’s housing development strategy, warning that efforts to address the country’s housing deficit will remain incomplete if newly built homes are left unprotected against risks such as fire, building collapse and other disasters.
Wole Fayemi, managing director and chief executive officer of Heirs General Insurance, said housing policies should prioritise not only increasing the supply of homes but also safeguarding the investments, livelihoods and communities they represent.
Speaking during a panel session at the 20th Africa International Housing Show (AIHS) 2026, Fayemi said the country’s housing agenda must evolve beyond construction targets to include measures that strengthen the resilience of housing assets.
“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.
His comments come as Nigeria continues to grapple with a significant housing shortfall. Data from the Federal Ministry of Housing and Urban Development puts the country’s housing deficit at 14.925 million units, while an additional 15.2 million homes have been classified as structurally defective or substandard.
According to Fayemi, recurring incidents of building collapse and other property-related disasters underscore the need to integrate insurance into housing planning from the outset rather than treating it as a post-construction requirement or a regulatory formality.
He noted that every building represents years of financial commitment and personal sacrifice, warning that uninsured properties expose homeowners, developers, lenders and businesses to substantial financial losses when disasters occur.
Fayemi said the recently enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025 reinforces the obligation of developers and occupiers to insure buildings, adding that compliance should be viewed as a practical tool for improving resilience rather than simply satisfying regulatory requirements.
He argued that incorporating insurance into housing finance and project development from the planning stage would enhance investor confidence, improve access to funding and support the delivery of more sustainable real estate projects.
The insurance executive also called for stronger collaboration among governments, regulators, developers, insurers, financial institutions and homeowners, saying no single stakeholder can solve Nigeria’s housing challenges alone.
He observed that insurance awareness remains low among many property owners, with insurance often perceived as an unnecessary cost instead of a critical financial safeguard.
“Insurance should not begin when disaster strikes; it should begin when plans are being drawn. 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 said.
Fayemi added that as Nigeria accelerates efforts to expand access to housing, success should be measured not only by the number of homes delivered but also by the long-term resilience, sustainability and protection of those assets.
