Commissioner For Insurance, Minister Of Aviation Discuss Enhancing Local Capacity in Aviation Insurance

By LOVETH AZODO, Lagos

The Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo SAN, CON, FCIArb (UK), to discuss on strengthening the relationship between the insurance sector and the aviation industry to bolster local content and expertise in aviation insurance.

The courtesy visit on Wednesday, 4th September 2024 was held at the Minister’s office in the Federal Secretariat, Abuja.

During the meeting, Mr. Omosehin outlined the core responsibilities of NAICOM, which include regulating, supervising, and fostering the development of Nigeria’s insurance industry, as well as advising the Federal Government on insurance-related matters.

He emphasized the importance of protecting policyholders and maintaining public trust in the insurance system.

Focusing specifically on aviation insurance, the Commissioner provided insights into the workings and arrangements of aviation insurance and reinsurance as guided by existing laws.

He highlighted the importance of the local content provisions, the global practice of risk sharing, developing local capacity and expertise, managing capital flight, and supporting Nigeria’s GDP growth.

In response, Minister Keyamo expressed his enthusiasm for the meeting, stating it was a necessary step toward addressing critical issues affecting the operations of domestic airlines.

He welcomed the Commissioner’s clarifications and proposed convening a stakeholders’ meeting involving NAICOM, airline operators, and insurance providers to reach a consensus on these matters.

Also present at the meeting was the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku, who supported the call for a collaborative approach to improve the aviation sector.

Both the Commissioner and the Minister agreed that such interactions are vital for enhancing Nigeria’s image and pushing for amendments to relevant laws to attract and sustain credible partnerships with international stakeholders.