THE ROLE OF THE INSURANCE INDUSTRY IN MANAGING EMERGENCY RISKS IN REAL ESTATE INDUSTRY IN NIGERIA
Authors:
Okonkwo, Ikeotuonye Victor and Fiiwe, James Leekaaga
Abstract:
This study explores the role of the insurance industry in managing emergency risks associated with the real estate industry in Nigeria. It seems that inadequate awareness of the importance of modern insurance industry in an economy has negated this crucial risk transfer mechanism that can assist in stabilizing and promoting good living among Nigerians. Cases of fire and building collapse in causing deaths, bodily injuries and property losses abound and should be addressed. This paper, examines the role of Insurance industry in managing such emergency risks. The expertise of content study is adopted. The study concludes that the real estate industry in Nigeria is truly in a state of emergency and the insurance industry need to contribute her takes in preserving the patrimony of the nation. The study recommends among other things the introduction of Emergency Clause in fire insurance policies by insurers and also re-emphasizes the need for Architects and Real Estate Managers to take the issue of crowd management as a priority in building design.