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 […]
The Nigeria Civil Aviation Authority (NCAA) said it would sanction airlines and other aviation organisations that violated the Nigerian Civil Aviation Regulations (Nig. CARs) 2022 on insurance cover for their equipment. Aircraft insurance is compulsory for airlines and according to international regulation, any aircraft that is not fully covered by insurance will never be allowed to fly. A statement signed […]
