The Nigerian Insurers Association (NIA) has described the tragic collapse of a 21-storey building at Gerard Road, Ikoyi, Lagos State, on Monday as painful and a big loss to the country.

A statement by the Director-General, NIA, Mrs Yetunde Ilori, said the association commiserate with the families of those who lost loved ones in the sad event and wished those hospitalised quick recovery.

While observing the worrisome reoccurrence of building collapse in the country, the NIA emphasised the need for the general public to comply with all building rules and adopt insurance in the protection of lives and property to curb further incidence of building collapse.

Citing the country’s statutory laws, it said Section 65 of the Insurance Act 2003 stipulates that all public buildings must be adequately insured, while Section 64 of the Act provides that all buildings under construction above two floors must be adequately insured with a registered insurance company.

The association noted that the law said every public building should be insured against the hazards of collapse, fire, earthquake, storm and flood.

Ilori called on stakeholders in the built environment to arrest the rising incidents of building collapse by ensuring strict adherence to standards, adding that the nation had lost so much to the carelessness of a few unpatriotic builders.

The NIA DG assured the insuring public of the industry’s capacity and readiness to respond to the needs of Nigerians through the provision of insurance protection to the citizens.