Aviation, Insurance Sectors to Hold Periodic Dialogue to Address Operational Challenges
By Patience Ikpeme
The Federal Government has announced plans to initiate regular dialogue sessions between the aviation sector and the insurance industry, particularly with the National Insurance Commission (NAICOM), to address pressing concerns impacting the aviation industry in Nigeria.
Aviation and Aerospace Development Minister, Mr. Festus Keyamo (SAN), made this known during a visit from the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at his office in Abuja.
Mr Keyamo recognized the significance in addressing critical issues affecting domestic airlines’ operations. He proposed convening a stakeholders’ meeting involving NAICOM, airline operators, and insurance providers to establish a mutually agreeable stance on insurance matters.
The Commissioner highlighted NAICOM’s core responsibilities, which include regulating, supervising, and developing the insurance industry in Nigeria, advising the Federal Government on insurance matters, and safeguarding the interests of policyholders and maintaining public trust.
Mr. Omosehin shed light on the intricacies of aviation insurance and reinsurance, emphasizing the importance of local content provisions, risk-sharing practices, developing domestic capacity, mitigating capital flight, and supporting the growth of Nigeria’s GDP.
Both Minister Keyamo and Commissioner Omosehin underscored the importance of such interactions in enhancing Nigeria’s image and promoting improvements in relevant laws to attract and maintain strong relationships with international stakeholders.
