Millions of Naira to be spent on the effect of the Monday’s rainstorm in Lagos; Insurance industry has this to say:

The nation’s insurance industry may have escaped millions of naira in claims payments which would have gone to victims of yesterday’s 13/02/12 rain storms that wreaked havoc in many parts of the country, particularly Lagos, where the impact was devastating.

The operators may have found relief in the failure of building owners to insure their properties, as required by section 65 of the Insurance Act 2003, which makes occupiers liability (building) insurance compulsory.

Ah! Insurers are smiling, while house owners are frowning to the bank.