The Minister of Aviation and Aerospace Development, Barr. Festus Keyamo SAN has convened a meeting between the aviation and insurance stakeholders aimed at promoting the growth of the Nigerian insurance market.
According to a statement made available on Thursday by the National Insurance Commission (NAICOM), the high-level stakeholders meeting was held on Wednesday in Abuja.
The meeting which was chaired by Barr. Keyamo also had in attendance the Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, Chairman Senate Committee on Banking, Insurance and other financial institutions Sen. Munkhail Abiru, Chairman House Committee on Insurance and Actuarial Matters Hon. Ahmed Jaha, representatives of the Nigeria Civil Authority, PEBEC, Nigeria Insurers Association, Nigeria Council of Registered Insurance Brokers, Airline Operators of Nigeria amongst other stakeholders.
Speaking in his opening remarks, the aviation minister appreciated all stakeholders for accepting the invitation and stated that the meeting was crucial for the progress of the operations of the airline operators and the growth of the Nigerian insurance market.
keyamo said, the meeting centred on the need for aircraft insurance and how to balance that with the local content requirement of the country.
He said, it was agreed that a wider meeting of the Nigerian delegation with the international lessors and financiers should be held early next year to understand their positions and capacities.
Recall that in September this year, the Commissioner for Insurance, and Chief Executive of NAICOM, Mr. Olusegun Omosehin paid a courtesy visit to the Minister of Aviation, aiming at deepening insurance coverage, and also promoting local content in the aviation sector.
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.
He briefed the Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws.
He emphasised 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 the nation’s GDP.
