The Federal Government has signed the Cape Town Convention (CTC) Practice Directions for the Nigerian airlines. This will expectedly bring down insurance premium and also prompt lessors to bring down payments in wet and dry leasing of aircraft by Nigerian airlines. Currently, Nigeria is designated as high risk country, which gave rise to the blacklist […]
Aviation insurance experts have said that the sub-sector produced the highest value and high-profile claims across the global corporate insurance business line in the past five years, precisely between 2019 and 2024. The aviation insurance experts’ analysis of more than 32,000 industry claims from 2019 – 2024 with a total value of $15billion (€14billion), showed that collision or […]
Nigerian airlines have identified their inability to acquire aircraft as one of the challenging factors eroding their success and profitability. Outright purchase of aircraft is difficult because of the huge funds involved and the banks are not willing to give them long-term loans at single digit interest. The federal government is yet to direct the […]
Nigerian airlines have called for the suspension of local content in aircraft insurance, which premium is projected to reach $2 billion annually, insisting that they are forced to undertake double insurance for their aircraft because lessors want their aircraft to be insured overseas. But the Nigeria Insurance Association (NIA) is insisting that Nigerian insurers can […]
Nigeria’s aviation industry is being threatened by the fast depreciating operating equipment, occasioned by the challenges faced by Nigerian carriers in acquiring or leasing aircraft to replace old ones. It was learnt that Nigerian carriers are finding it difficult to bring their airplanes that went for maintenance back to the country, due to foreign exchange […]
