Yemisi Izuora
Local insurance operators are getting ready to provide cover in the aviation industry as current discussion initiated by the National Insurance Commission (NAICOM) with the Aviation Ministry is likely to expand local content insurance coverage of the industry.
The Commissioner for Insurance and Chief Executive of the Commission, Mr. Olusegun Ayo Omosehin took the initiative when he paid a courtesy visit to the Hon. Minister of Aviation and Aerospace Development, Mr. Festus Keyamo on Wednesday, 4th September, 2024, in Abuja.
The Commissioner during the visit highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.
Specifically on aviation insurance, the Commissioner went further to brief the Hon. Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. Emphasis was on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of our GDP.
The Minister welcomed the Commissioner and expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.
He stated that, based on the clarifications provided by the Commissioner for Insurance, he would like to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.
Also, in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.
The Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in our relevant laws to attract and retain credible relationships with international stakeholders.