The strategic position of the aviation industry and the confidence insurance protection for stakeholders in the aviation value chain drove the signing of Memorandum of Understanding between the National Insurance Commission and the Nigerian Civil Aviation Authority.
The Commissioner of Insurance, Olusegun Omosehin said the event at the headquarters of NCAA in Abuja is a partnership to advance a more coordinated framework for compliance, risk protection, information sharing and stakeholder confidence – “one that better serves passengers, operators, insurers, financiers, lessors, international partners, and the Nigerian public at large.”
Omosehin reckon that aviation occupies a strategic position in the nations economy, supporting commerce, tourism, investment, and national development. Therefore, insurance protection not only serve as a regulatory requirement, “it is an essential risk management tool that safeguards lives, property, businesses, and the broader economy. “It is therefore imperative that regulators work together to ensure that the insurance arrangements supporting the aviation sector remain adequate, valid, and responsive to emerging risks.
NAICOM cleared that the partnership aligns with its statutory responsibility of ensuring a sound, stable, and reliable insurance industry, and emphasised that the collaboration provide regulatory oversight and technical expertise in insurance matters, including the verification of aviation insurance arrangements, the provision of information on insurers authorised to underwrite aviation risks and promote industry compliance.
To enhance the MoU a Joint Technical Committee has been established to facilitate information sharing, conduct periodic reviews of insurance requirements, address challenges, coordinate stakeholder engagements and promote capacity building for both institutions and industry participants.
