By LOVETH-AZODO CHIJIOKE, Lagos.
The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have established a Joint Technical Committee on Aviation Insurance as part of a new framework to strengthen insurance compliance, information sharing and risk protection in Nigeria’s aviation sector.
The two regulators formalised the arrangement with the signing of a Memorandum of Understanding (MoU) on cooperation and collaboration in the regulation and oversight of aviation insurance in Nigeria.
Speaking at the signing ceremony in Abuja, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, said the partnership would strengthen the verification of aviation insurance arrangements and improve regulatory coordination between the two institutions.
Under the framework, NAICOM will provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on licensed insurers authorised to underwrite aviation risks.
The Joint Technical Committee is expected to facilitate information sharing, conduct periodic reviews of insurance requirements, address operational challenges, coordinate stakeholder engagements and promote capacity building for regulators and industry participants.
Omosehin said the collaboration was particularly important because effective insurance protection was essential to safeguarding passengers, property, businesses and other stakeholders against aviation-related risks.
He stressed that compulsory aviation liability insurance provides an important safeguard for air travellers and other users of aviation services by ensuring that compensation is available where legally due.
The Commissioner said a robust aviation insurance framework would also support business continuity, facilitate investment, enhance access to financing and strengthen confidence in Nigeria’s aviation ecosystem.
He added that NAICOM would continue to encourage innovation and market development while insisting on compliance, ethical conduct, adequate insurance protection and timely settlement of legitimate claims.
On his part, the Director General of the NCAA, Captain Chris Ona Najomo, said the MoU would strengthen the regulatory foundation for aviation safety and financial resilience.
Najomo said the agreement was the culmination of the longstanding collaboration between the two regulatory institutions and would deepen their oversight of aviation insurance.
According to him, the NCAA’s safety mandate must be complemented by a “robust, transparent, and verifiable insurance framework” given the high-impact operational risks associated with aviation.
He disclosed that NAICOM had, for several years, provided expert assessments on the adequacy and viability of insurance policies procured by aviation operators in compliance with Part 18.14 of the Nigeria Civil Aviation Regulations 2023.
The new agreement, he said, would further deepen the cooperation, enhance stakeholder confidence and support cost-efficient operations while addressing challenges faced by Nigerian aviation operators.
Najomo said the objective was not merely to enforce compliance but to establish a balanced regulatory environment where aviation safety and financial protection complement each other.
He expressed confidence that the Joint Technical Committee would translate the partnership into measurable improvements in aviation insurance compliance and oversight.
The NCAA DG noted that the collaboration would promote sustainable insurance practices, minimise avoidable regulatory and operational challenges and support the long-term growth and resilience of the aviation industry.
The MoU signing brought together officials of the NCAA and NAICOM, representatives of the Federal Ministry of Aviation and Aerospace Development, aviation agencies and organisations, the Airline Operators of Nigeria, the Nigerian Insurers Association and the Aviation Ground Handlers Association of Nigeria, among other stakeholders.
The two regulators reaffirmed that adequate financial protection remains an important complement to aviation safety, with the new framework expected to strengthen cooperation between the insurance and aviation regulatory authorities.
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