The National Insurance Commission (NAICOM) has said it is committed to protecting aviation stakeholders and ensuring that Nigeria’s aviation insurance framework aligns with global best practices.
Speaking at the 21st Akwaaba African Travel Market in Lagos, themes: ‘The Emerging Synergy Between Aviation and Insurance’, Commissioner for Insurance, Mr. Olusegun Omosehin, represented by the Deputy Commissioner, Technical, Mr. Ahmed Jankara, stressed that the commission’s role, which according to him, is not to shield operators but to safeguard policyholders and the wider aviation industry.
Omosehin explained that misconceptions about high insurance premiums in the aviation sector often stem from a poor understanding of how aviation risks are priced.
He noted that premiums are determined in consultation with international markets, reflecting the risk profile of the sector rather than arbitrary charges.
To address these concerns, NAICOM has engaged stakeholders locally and internationally, including meetings with the global aviation working group in Dublin. According to him, Nigeria has since enforced domestication provisions in the Insurance Act, which mandate that all insurable aviation assets in the country must first be placed with licensed Nigerian insurers before risks can be ceded abroad.
