NAICOM Unveils Regulation For Leased Aircrafts, Assures Enabling Insurance Aviation Business Environment

The National Insurance Commission (NAICOM) has unveiled the Revised Regulation on Insurance for Leased and Financed Aircrafts with an assurance of boosting enabling insurance aviation business environment for policy underwriters.

The Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, declared that the event marked a significant milestone in promoting stable and sustainable aviation insurance market and a testament to this administration’s commitment to creating an enabling environment that fosters growth, investment, and development in Nigeria.

The event which took place at Federal Ministry of Aviation and Aerospace Development and witnessed by key stakeholders, was perceived as the beginning of a revolution in the aviation sector and a turning point in aviation leasing and financing to Nigerian Aviation operators.

Mr Omosehin explained that the revised regulation is a product of several rigorous stakeholders’ engagements and collaborations with key players across the aviation and insurance sectors, including financiers and lessors.

He said that the unveiling is in fulfilment of the desire of the Federal government to create the necessary enabling environment for businesses to flourish.

According to him, “This development is set to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country.

“Liberalization of requirements for leased and financed aircrafts is to further assure the international market that the Aviation market in Nigeria exhibits growing capacity with significant increase in market exposure and support for healthy spreading of risks.

“As we launch this revised regulation, the National Insurance Commission is committed to an enabling environment that will consistently enhance increased capacity of the Insurance Institutions both financially and technically.”

Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the regulation as a transformative framework that will foster certainty, predictability, and stability in the aviation insurance market.

Mr. Omosehin emphasized that the new framework would liberalize insurance requirements, boost industry capacity, and reassure the global aviation market of Nigeria’s commitment to global standards.

The Commissioner expressed gratitude to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, and the Presidential Enabling Business Environment Council (PEBEC) for their instrumental roles in driving the reform forward.

He also acknowledged the Nigerian Insurers Association (NIA), Airline Operators of Nigeria (AON), and other industry stakeholders for their collaborative input.

As Mr. Omosehin noted, “With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape.”

He expressed optimism that the revised regulation signaled Nigeria’s readiness to attract aviation business and soar to new heights.