By: Goodluck E. Adubazi, Abuja.
On the sidelines of the Africa International Housing Summit (AIHS), Dr. Jeff Duru, PhD, Managing Director and Chief Executive Officer of Universal Insurance Plc, emphasized the crucial role insurance plays in ensuring the sustainability and growth of Nigeria’s housing sector.
Speaking during a presentation at the summit held at the Transcorp Hilton, Abuja, Dr. Duru outlined the numerous benefits insurance brings to the housing industry—from financial protection and peace of mind to risk mitigation and economic stimulation.
“Insurance provides the housing sector with financial stability, risk management, and peace of mind. It creates a safety net that protects developers and homeowners from devastating losses, enabling them to get back on their feet when disasters occur,” Dr. Duru explained.
He highlighted that insurance can inject much-needed liquidity into the sector, particularly during claims payouts, which allow businesses to recover and continue operations.
Dr. Duru also drew attention to one of Universal Insurance’s most accessible offerings—its personal accident product. “With just ₦1,000 annually, a policyholder is covered with a claim benefit of up to ₦1 million. That’s sustainability in action,” he said.
He explained that insurance works on the principle of risk pooling: “Millions of people contribute to the insurance pool, but only a few may suffer loss. Those few are then supported by the collective contributions of the many.”
Universal Insurance Plc, according to Dr. Duru, has earned its place among Nigeria’s leading insurance providers by delivering exceptional, customer-centered services. “When people experience our services, they can’t help but seek us out again. We pride ourselves on giving clients that unique Universal Insurance experience,” he said.
He urged stakeholders at the Africa Housing Summit to view insurance not as an option but as a necessity. “Without insurance, the housing sector is vulnerable and unstable. Any adverse event could cripple a developer’s efforts. But with insurance, there is peace of mind and financial security.”
Universal Insurance Plc offers a wide range of services, including fire, motor, burglary, marine (cargo and hull), professional indemnity, oil and gas, engineering all-risk, contractors’ all-risk, public liability, aviation, healthcare, bonds, and goods-in-transit insurance.
“Life can be unpredictable,” Dr. Duru concluded. “When misfortune strikes, you need a dependable partner. With Universal Insurance, you don’t just recover—you smile again.”
