By Oluwakemi Kindness
The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) are strengthening checks on aviation insurance to ensure adequate financial protection for air travellers, third parties and other stakeholders.
The two agencies formalised the partnership on Wednesday in Abuja with the signing of a Memorandum of Understanding (MoU) and the establishment of a Joint Technical Committee on Aviation Insurance in Abuja.
The agreement will strengthen insurance compliance, aviation safety and financial resilience across the sector.
Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said the partnership would strengthen regulatory oversight and technical cooperation on aviation insurance.
Under the MoU, NAICOM will verify insurance arrangements maintained by aviation operators and provide information on licensed insurers authorised to underwrite aviation risks.
The commission will also support initiatives aimed at improving compliance and protecting policyholders, air travellers and third parties.
Omosehin said aviation insurance remains an essential risk-management tool for protecting lives, property, businesses and the wider economy.
He said the partnership would promote information sharing, joint stakeholder engagement, training initiatives and periodic assessment of insurance cover maintained by aviation operators.
NCAA Director General, Capt. Chris Ona Najomo, said the partnership would strengthen the financial protection that supports aviation safety and protect the travelling public and other aviation stakeholders.
Najomo said aviation remained an industry with potentially high-impact operational risks despite being globally recognised as the safest mode of transportation.
He said the NCAA’s safety mandate must therefore have the backing of a “robust, transparent and verifiable insurance framework.”
According to him, NAICOM has for several years assessed the adequacy and viability of insurance policies procured by aviation operators under Part 18.14 of the Nigeria Civil Aviation Regulations 2023.
Najomo said the new MoU would deepen the cooperation between both agencies and help address challenges faced by Nigerian operators.
The Joint Technical Committee will facilitate information sharing, review insurance requirements, address operational challenges and coordinate stakeholder engagements.
It will also support capacity building and ensure that insurance cover maintained by aviation operators is periodically assessed.
Najomo said the agencies would focus not only on enforcement but also on creating a regulatory environment where aviation safety and financial protection complement each other.
He said the partnership would promote sustainable insurance practices, reduce avoidable regulatory and operational challenges and support the long-term resilience of Nigeria’s aviation industry.
The NCAA DG expressed confidence that the Joint Technical Committee would deliver measurable improvements in aviation insurance compliance and oversight.
He stressed that aviation safety must be supported by adequate financial protection, saying the partnership provides a stronger framework for achieving both.
