Stakeholders in the aviation industry at the behest of the Minister of Aviation and Aerospace Development Festus Keyamo will convene soon to make clarifications on grey areas and reach an agreeable position that links all together.
This was part of the major takeaways from the courtesy visit of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin to the Minister of Aviation in his office at the Federal Secretariat Abuja on Wednesday 4th September, 2024 .
The Commissioner specifically briefed the Minister on the delicately followed global practice in aviation underwriting that required the involvement of local insurers and foreign reinsurance capacity to guarantee adequate protection for the highly volatile risk. He explained to the Minister that NAICOM is mandated by extant law and local content development Act to protect and develop local capacity.
He explained that the Commission is positioned to protect policyholders in its function to regulate, supervise and develop insurance and as it relates to aviation 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 GDP growth.
Keyamo noted that the visit has not only created avenue to discuss aviation insurance but has also laid the platform to take it further to engage all stakeholders to discuss critical issues impacting the operations of domestic airlines.
The Hon. Minister and the Commissioner agreed that interaction was imperative in promoting the image of Nigeria while pushing for improvements in relevant laws to attract and retain credible relationships with international stakeholders. Also, in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.
Featured ficture, from left: the Commissioner for Insurance Mr. Olusegun Ayo Omosehin, the Hon. Minister of Aviation and Aerospace Mr. Festus Keyamo SAN, the Managing Director FAAN Mrs. Olubunmi Kuku and the Deputy Commissioner for Insurance (Technical) Dr. Usman Jankara Jimada.
