Yemisi Izuora
Operators in the insurance and aviation sectors have called for closer collaboration with the view to ensure proper insurance cover for the aviation industry.
They solicited improved synergy between the two sectors that will provide a win-win situation for insurers and airline operators.
Speaking at the Aviation Round Table (ART) Breakfast Meeting in Lagos Managing Director of Consolidated Hallmark Insurance Plc, Eddy Efekoha, explained how to grow the partnership and avoid some of the pitfalls.
Efekhoha in his presentation titled ‘Regulation and Aviation Insurance’ said that complying with the rules including on time payment of premiums will ease indemnity should there be risk.
He said that his company currently leads in 12 aviation insurance policies and co-insure another 36 with a gross aviation premium income of N17billion in 2015.
The managing director noted that the numerous plane crashes in the past, business interruption and supply chain risk exposure necessitates the need for regulation as well as aviation insurance in the industry.
He listed policies for the sector to include aircraft hull, passengers, aviation third party as well as excess liability.
Also included are aircraft hull war, aviation refuelling; hanger keepers liability and airport operator liability.
According to him, In accordance with the Civil Aviation Act 2006, every airline Operator providing air transport services for hire and reward, must have adequate Insurance for passengers/cargo and third party.
The insurance must be sufficient to pay compensation of $100,000.00 USD (one hundred thousand US Dollars) per passenger in case of death or injury.
In his comment Vincent Okomayin, Senior manager marine and aviation of NICON Insurance stated that the primary responsibility of both local and international regulation is to ensure safety of life and property of passengers/ third party, saying that the role of airline operators in aviation insurance is to provide adequate and reliable insurance cover.
He said that NICON started aviation insurance in Nigeria and was the sole indigenous insurer of the now defunct national carrier, Nigeria Airways for a couple of years.
According to Okomayin, to enhance the proposed synergy airlines should provide relevant information about the subject matter of insurance, request adequate cover as well as ensure timely payment of premium as and when due to forestall a situation where the insurance industry would have to pay claims despite delay in premium payment.
He also called on airlines to comply with safety regulations under ICAO and the NCAA stating that on the part of the Insurance regulator, National Insurance Commission (NAICOM), ensures the scope of policies issued by the insurance sector is enough to provide the required support in the event of a mishap.
“Airline operators are advised to ensure that all aspects of their operations are adequately insured to guarantee uninterrupted usage of vital international tool of commerce,” he said.
Yemisi Izuora
Operators in the insurance and aviation sectors have called for closer collaboration with the view to ensure proper insurance cover for the aviation industry.
They solicited improved synergy between the two sectors that will provide a win-win situation for insurers and airline operators.
Speaking at the Aviation Round Table (ART) Breakfast Meeting in Lagos Managing Director of Consolidated Hallmark Insurance Plc, Eddy Efekoha, explained how to grow the partnership and avoid some of the pitfalls.
Efekhoha in his presentation titled ‘Regulation and Aviation Insurance’ said that complying with the rules including on time payment of premiums will ease indemnity should there be risk.
He said that his company currently leads in 12 aviation insurance policies and co-insure another 36 with a gross aviation premium income of N17billion in 2015.
The managing director noted that the numerous plane crashes in the past, business interruption and supply chain risk exposure necessitates the need for regulation as well as aviation insurance in the industry.
He listed policies for the sector to include aircraft hull, passengers, aviation third party as well as excess liability.
Also included are aircraft hull war, aviation refuelling; hanger keepers liability and airport operator liability.
According to him, In accordance with the Civil Aviation Act 2006, every airline Operator providing air transport services for hire and reward, must have adequate Insurance for passengers/cargo and third party.
The insurance must be sufficient to pay compensation of $100,000.00 USD (one hundred thousand US Dollars) per passenger in case of death or injury.
In his comment Vincent Okomayin, Senior manager marine and aviation of NICON Insurance stated that the primary responsibility of both local and international regulation is to ensure safety of life and property of passengers/ third party, saying that the role of airline operators in aviation insurance is to provide adequate and reliable insurance cover.
He said that NICON started aviation insurance in Nigeria and was the sole indigenous insurer of the now defunct national carrier, Nigeria Airways for a couple of years.
According to Okomayin, to enhance the proposed synergy airlines should provide relevant information about the subject matter of insurance, request adequate cover as well as ensure timely payment of premium as and when due to forestall a situation where the insurance industry would have to pay claims despite delay in premium payment.
He also called on airlines to comply with safety regulations under ICAO and the NCAA stating that on the part of the Insurance regulator, National Insurance Commission (NAICOM), ensures the scope of policies issued by the insurance sector is enough to provide the required support in the event of a mishap.
“Airline operators are advised to ensure that all aspects of their operations are adequately insured to guarantee uninterrupted usage of vital international tool of commerce,” he said.