Securing Real Estate Investment: The Insurance Approach - A Comparative Analysis Between Nigeria and Developed Countries

Abstract

This study delves into the role of insurance that is aimed at securing investments in real estate sector in Nigeria while comparing it to practices in developed nations. The study discloses the significant disparities that come from the adoption of regulatory frameworks of insurance policy as well as product offered in Nigeria and developed nations. While developed countries appear to have comprehensive insurance frameworks that aids in the mitigation of risks and protect stakeholders, Nigeria's insurance sector is fraught with myriad of challenges that hinder its effectiveness. The paper points out the key lessons for Nigeria which includes strengthening the regulatory frameworks, increasing awareness, developing an innovative product while encouraging public-private partnerships. Through the adoption of a well-developed insurance approach, Nigeria can ensure transparency, attract foreign investment and adopt the global best practices while unlocking the full potential of its real estate sector. This research no doubt provides valuable insights that are good for policymakers, investors and stakeholders in industry who are seeking to secure as well as grow the Nigeria's real estate investments.