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The National Insurance Commission (NAICOM) has affirmed that Nigeria’s aviation security assemblage is present afloat compliant with planetary champion practices.
Commissioner for Insurance, Mr Olusegun Omosehin, made this known connected Tuesday astatine the 5th CHINET AviaCargo Conference successful Lagos.
Omosehin, represented by Deputy Commissioner (Technical), Dr Usman Jankara, highlighted milestones successful the security manufacture that proceed to payment Nigeria’s aviation sector.
He noted that challenges successful aviation chiefly interest lessors and financiers, who often deficiency nonstop entree to security arrangements.
Omosehin explained that portion accepted security disallows cut-clause, it was introduced to assistance lessors and financiers entree to security done argumentation payout clauses.
He added that this accommodation created certainty, aligning Nigeria’s practices with established planetary standards.
According to him, the committee had besides enforced declaration certainty, eliminating unclear argumentation provisions that antecedently confused policyholders.
“We person banned declaration uncertainties. All security policies indispensable present intelligibly authorities their intents and conditions for policyholders,” helium stressed.
On the Nigeria Insurance Industry Reform Act (NIIRA), Omosehin said it would positively interaction aviation done the Policyholder Protection Fund.
“The NIIRA establishes the Policyholder Protection Fund to settee genuine claims if insurers default,” helium said.
He added that the instrumentality besides adopted a risk-based supervision framework, penalising insurers who hold assertion settlements.
Omosehin emphasised that Nigerian insurers present settee claims much rapidly than their overseas counterparts, peculiarly wrong the aviation sector.
“These reforms are strategical actions to fortify some the security manufacture and Nigeria’s economy,” helium added.
He reaffirmed NAICOM’s committedness to moving with aviation stakeholders to beforehand the sector.
Dr. Kunle Ahmed, Chief Executive Officer of AXA Mansard, confirmed that NAICOM intimately monitors aviation security operations.
Ahmed, besides the President of the Nigerian Insurers Association (NIA), explained that lone astir 40 percent of insurers presently underwrite aviation policies, leaving a constricted section capacity.
“In penning aviation policies, insurers indispensable archetypal notify NAICOM. Reinsurance overseas is lone allowed aft exhausting section capacity,” helium said.
He commended NIIRA for making aviation security compulsory, covering aircraft, cargo handlers, and related services.
“Section 81 of NIIRA mandates registration of aviation policies with NAICOM 7 days earlier operations commence,” Ahmed noted.
He added that Section 15 raised superior requirements for security firms, thereby boosting their underwriting capableness and allowing them to clasp much hazard locally.
Ahmed besides explained that aviation premiums stay precocious owed to hazard levels and pricing mostly influenced by planetary markets.
Mrs Bimbo Onokomaiya, President of the Professional Insurance Ladies Association, underscored the value of aviation insurance.
She disclosed that Nigeria presently has astir 307 registered aircraft, including 147 with the Air Force and the Presidential Air Fleet, each of which are insured locally.
She added that 167 home aircraft, 31 airports, 92 airstrips, and 13 scheduled commercialized operators besides required beardown security backing.
“No state with specified numbers tin run without robust aviation insurance,” she stressed.
Conference Convener, Mr Ikechi Uko, said the lawsuit had go an agenda-setter successful Nigeria’s aviation industry.
He noted that cargo and security issues had gained prominence, with policymakers present moving toward solutions.
Overland Airways CEO, Capt. Edward Boyo urged the Federal Airports Authority of Nigeria (FAAN) to guarantee that airports nationwide are adequately equipped, informing that the spread affects home hose operations.
Stakeholders besides discussed airdrome insurance, rider cover, and industry-specific challenges.
The CHINET AviaCargo Conference, portion of the 21st Akwaaba African Travel Market 2025, drew large aviation stakeholders.
International carriers, including RwandAir and TAAG Angola, besides launched services astatine the event.
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