Aware of the risks of accidents and equipment failures in the aviation business, the National Insurance Commission (NAICOM) has moved to deepen insurance coverage, and also promote local content in the sector.
Commissioner for Insurance, and Chief Executive of NAICOM, Mr. Olusegun Omosehin made this known during his courtesy visit to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo SAN on Wednesday, 4th September, 2024, in his office at the Federal Secretariat in Abuja.
NAICOM in a statement on Thursday said, the Commissioner 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.
The statement said, specifically on aviation insurance, the Commissioner went further to brief the Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws.
It said, the 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 the nation’s GDP.
According to the statement, 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.
It said, Mr. Keyamo 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, according to the statement, was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.
It said, the Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in nation’s relevant laws to attract and retain credible relationships with international stakeholders.
