The National Insurance Commission (NAICOM) has assured aviation stakeholders of its commitment to strengthening Nigeria’s insurance framework and aligning it with global best practices.
Speaking at the 21st Akwaaba African Travel Market in Lagos, themed “The Emerging Synergy Between Aviation and Insurance,” the Commissioner for Insurance, Mr. Olusegun Omosehin, represented by the Deputy Commissioner (Technical), Mr. Ahmed Jankara, said the commission’s priority is to safeguard policyholders and support the stability of the aviation sector.
Omosehin pushed back against claims that Nigerian aviation insurance premiums are excessively high, noting that rates are determined in collaboration with international markets and reflect the risk profile of the industry, rather than arbitrary charges.
He disclosed that NAICOM has continued to engage stakeholders both at home and abroad, including holding discussions with the Global Aviation Working Group in Dublin, to address concerns and improve regulatory oversight.
Reiterating Nigeria’s commitment to local content, the insurance chief reminded operators that the domestication provisions of the Insurance Act require all insurable aviation assets in Nigeria to be placed with licensed local insurers before risks can be ceded overseas.
Omosehin further stressed that Nigerian insurers have consistently demonstrated efficiency in claims management, often settling aviation-related claims faster than their foreign counterparts, a track record he said underscores the resilience and credibility of the domestic insurance market.
