In Nigeria’s rapidly expanding real estate sector, property insurance has emerged as more than a legal requirement; it is now a strategic pillar of investment protection and professional valuation. The Nigerian Insurance Industry Reform Act (NIIRA) 2025 has reshaped the regulatory framework, mandating insurance coverage for public buildings and construction projects, while elevating the role of Estate Surveyors and Valuers in the insurance value chain. Section 75(1)–(3), (7) of NIIRA 2025 requires builders’ liability insurance for all construction projects, ensuring coverage against death, injury, and property damage. Section 76 mandates annual insurance for public buildings, including tenement houses, hostels, and facilities used for education, healthcare, recreation, or commerce against risks such as fire, flood, and collapse. Penalties for non-compliance include fines up to ₦2,000,000.00 (Two million Naira) or imprisonment for three years.

For real estate investors, these provisions offer more than legal protection; they provide financial resilience. Insured properties are better positioned to withstand disasters, attract tenants, and secure financing. Insurance transforms risk into opportunity, making portfolios more robust and future-proof. Estate Surveyors and Valuers are central to this transformation. NIIRA 2025 requires professional valuation as a prerequisite for insurance coverage, recognising the expertise of valuers in determining reinstatement costs, fair indemnity values, and risk exposure. Accurate valuation ensures that properties are neither underinsured nor overinsured, safeguarding both insurers and policyholders.

Section 58 of the Act further mandates actuarial valuation and reporting, reinforcing the importance of precise property valuation in determining insurance liabilities and premiums. This elevates the role of valuers from consultants to strategic partners in risk management.

The Act also encourages digital innovation and broader insurance penetration, opening new avenues for valuers to collaborate with tech platforms and expand their reach. As the industry embraces digitisation, professionals who adapt will lead the way in creating a more transparent and efficient insurance ecosystem. In conclusion, NIIRA 2025 positions property insurance as a proactive strategy for securing Nigeria’s real estate future. For investors, it offers legal protection and financial stability. For estate surveyors and valuers, it unlocks new professional frontiers and reinforces their indispensable role in the built environment. Insurance is no longer just a shield; it is a catalyst for growth, credibility, and resilience.

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