Aviation Minister, NAICOM Boss Meet on Aircraft Insurance Challenges
The Honourable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo and Commissioner for Insurance/ Chief Executive Officer of the National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin and his delegation had a meeting during a working visit to the minister on steps to address issues related to aircraft insurance in the Nigerian airline sector.
Keyamo disclosed that the discussions were centered on “aircraft insurance and how to find a way forward on the insistence of aircraft lessors around the world on placing the risk of dry leasing of aircrafts in the international market.”
The Minister explained that the meeting is also part of the government’s ongoing efforts to “develop enough policies to empower our local operators for them to compete internationally with the best airlines in the world.”
The issues around aircraft insurance have been flaunted as one of the reasons for the lack of capacity in the Nigerian airline industry, while the insurance sector maintains that insuring aircraft in Nigeria is to boost local content in the country’s aviation sector.
