NAICOM, Aviation ministry collaborate to facilitate airlines’ reinsurance

The National Insurance Commission (NAICOM) and the Ministry of Aviation have agreed to work together to ensure aviation industry reinsurance.

Mr Olusegun Omosehin, NAICOM’s Commissioner for Insurance, said this in Abuja on Thursday, while on a visit to the Minister of Aviation and Aerospace Development,  Festus Keyamo.

Omosehin said that the collaboration was imperative to promote the country’s image, adding that  it will also help to attract and retain credible relationships with international stakeholders.

He emphasised on the need for local content provisions of the law and the global practice of risk sharing.

He also emphasised on developing local capacity and expertise, and managing capital flight to support the growth of the country’s Gross Domestic Product (GDP).

He said the commission was committed to its mandate of regulating, supervising and developing the insurance industry in the country.

The commissioner for insurance said that NAICOM was also ensuring the protection of insurance policyholders and public trust.

Speaking, Keyamo said that the meeting was necessary to discuss critical issues impacting the operations of domestic airlines.

He said that he would convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position for all parties.

The meeting was also attended by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku.