Crown Takaful CEO urges construction, housing sectors to embrace insurance as critical safety net
By: Goodluck E. Adubazi, Abuja.
The Managing Director and Chief Executive Officer of Crown Takaful Insurance Limited, Mr. Nasir Abubakar Song, has emphasized the critical role of insurance in safeguarding investments in Nigeria’s construction and housing industries. He made this known during a panel discussion at the Africa Housing Summit held on Friday at the Transcorp Hilton, Abuja.
Speaking to Standard Times Nigeria on the sidelines of the event, Mr. Song said insurance plays a vital role not only in the housing sector but across multiple industries, offering resilience and continuity in the face of unforeseen losses.
“Insurance is not just for homes; it cuts across individuals and businesses,” he stated. “Every business faces risks—and the construction sector is no exception. We offer a wide range of products, both conventional and Takaful, that cover risks from structural collapse to fire and floods—particularly in this era of climate change.”
Mr. Song stressed that many developers neglect mandatory insurance policies that could protect third-party workers and visitors on construction sites. “Building sites are high-risk areas. You have suppliers, laborers, and other third parties coming in. In the event of a building collapse, lives may be lost. If developers had adequate insurance, victims could be compensated,” he said.
He urged stakeholders in the building and construction sectors to view insurance not as a burden but as a partner in progress. “Protecting your investment also means being responsible for potential liabilities—especially those that can affect innocent third parties,” he added.
On individual products, Mr. Song noted that Crown Takaful Insurance offers a range of life and savings plans aimed at helping Nigerians plan for the future. “Instead of wasting income on fleeting purchases, people can opt for targeted savings plans—such as education savings for children or preparatory plans for marriage,” he explained. “In other jurisdictions, individuals plan ahead without shifting financial responsibilities to family members. That’s what we encourage here.”
Crown Takaful Insurance Limited is a licensed composite Takaful provider regulated by the National Insurance Commission (NAICOM) and a proud member of the Nigeria Insurance Association (NIA). The firm offers both life and general Takaful insurance products designed for individuals, corporates, as well as micro, small, and medium enterprises (MSMEs).
The company’s mission is to protect customer assets and reduce liabilities through trust-based partnerships and personalized service. Whether for group policies or individual plans, Crown Takaful focuses on delivering affordable, value-driven insurance solutions tailored to the specific needs of each client.
