BY OLAPEJU OLUBI
For better insurance coverage of the aviation industry, especially in domestic operations, the Minister of Aviation and Aerospace Development, Festus Keyamo, recently convened a high-level stakeholder engagement designed to foster new partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON).
That was disclosed by Keyamo’s Spokesman, Tunde Moshood, in a statement.
According to the statement, the stakeholders’ engagement, held at the Transcorp Hilton Hotel in Abuja, was chaired by Keyamo and focused on addressing longstanding challenges in Nigeria’s aviation insurance landscape and explored strategies to streamline insurance processes for the benefit of the entire industry.
At the event was the Minister of Industry, Trade and Investments, Mrs. Jumoke Oduwole, who co-chaired the event.
In attendance were distinguished personalities like; Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking; Hon. Usman Ahmed Jaha, House of Representatives member; Dr. Emmanuel Meribole, Permanent Secretary of the Ministry of Aviation and Aerospace Development; Capt. Chris Najomo, Acting Director General of the Nigerian Civil Aviation Authority (NCAA); Olusegun Ayo Omosehin, Chairman of the National Insurance Commission (NAICOM); and Kunle Ahmed, Chairman of the Nigeria Insurers Association, among others.
Those from the domestic operators’ wing and the insurance sector were; Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines; Capt. Roland Iyayi of TopBrass; and Jafar Shuaibu from the Presidential Enabling Business Environment Council (PEBEC).
Participants viewed the meeting as a good pathway to tackling the Airline Operators of Nigeria’s (AON) perennial concerns that insuring aircraft locally adds operational challenges; an issue that has long deterred the full engagement of Nigerian insurance providers.
In a panel session moderated by Keyamo, representatives from AON shared their concerns and directed critical questions to the leadership of NAICOM.
NAICOM Chief Olusegun Ayo Omosehin promptly addressed misconceptions surrounding reinsurance in Nigeria, affirming that Nigerian insurers possess the capacity and readiness to manage aviation risks effectively.
Leaders from the Nigerian Insurers Association (NIA), including Director-General Bola Odukale, delivered evidence-based presentations to dispel doubts within the aviation sector, accentuating the strengths of the local insurance industry and its alignment with international standards.
The forum concluded with a unanimous agreement to continue fostering engagement and educational initiatives.
Stakeholders emphasized the importance of reassuring foreign insurers and underwriters of Nigeria’s strong insurance capabilities, a vital step in enhancing the country’s standing in the global aviation market.
In pursuit of this goal, representatives from both the aviation and insurance sectors pledged to participate in the upcoming Economic Conference in Dublin, Ireland, scheduled for January 12-15, 2025.
This international event will provide a valuable platform to engage with global leasing companies and further demonstrate Nigeria’s commitment to advancing aviation growth and insurance reform.
As a wrap, Keyamo lauded all participants for their honest and valuable contributions, expressing confidence that the engagement would mark the beginning of a transformative shift in Nigeria’s aviation insurance sector.
