FG will convene stakeholders for a meeting to resolve aviation insurance matters.

The federal government has taken steps to address pressing concerns within the aviation and insurance sectors by agreeing to convene a stakeholders meeting between operators in both industries.

This resolution was disclosed by the Minister of Aviation and Aerospace Development, Festus Keyamo, during a meeting with the Commissioner for Insurance, Olusegun Ayo Omosehin, in Abuja.

The meeting, which was held at the Minister’s office, focused on creating a platform where key players in the aviation and insurance industries could discuss and resolve critical issues affecting their operations, particularly as they relate to insurance policies and regulations.

In his statement, the Minister noted the importance of collaboration, stating, “Based on the clarifications provided by the Commissioner for Insurance, I would like to convene a stakeholders meeting involving the Commission, airline operators, and insurance operators to reach an agreeable position, on insurance matters, to all parties.”

This meeting is expected to provide a structured forum for the deliberation of issues such as aviation insurance premiums, risk management practices, and adherence to local and international insurance regulations.

It is also intended to address challenges faced by the aviation sector regarding the coverage and reinsurance of aircraft operating in Nigeria, many of which have been affected by recent global economic uncertainties.

The meeting between the Ministry and the insurance regulator is part of the federal government’s broader efforts to ensure that Nigeria’s aviation industry remains competitive in the global market while also strengthening domestic capacities in the insurance sector.

Keyamo and Omosehin agreed that such interactions were crucial for promoting Nigeria’s image internationally, enhancing the credibility of the country’s aviation and insurance sectors, and pushing for necessary improvements in relevant laws.

This, they noted, would help attract and maintain relationships with credible international stakeholders, further boosting investor confidence in Nigeria.

Earlier in the meeting, Omosehin, who serves as the Chief Executive of the National Insurance Commission (NAICOM), provided the Minister with a detailed briefing on the workings and arrangements of aviation insurance and reinsurance, as stipulated by existing laws.

He highlighted the importance of local content provisions in the insurance sector, particularly within the aviation industry, while also addressing global risk-sharing practices.

The Commissioner stressed the need to develop local capacity and expertise in aviation insurance, noting that this would help reduce capital flight and support the growth of Nigeria’s Gross Domestic Product (GDP).

By retaining more insurance business within Nigeria, the country would be better positioned to manage its own risks, rather than relying on foreign reinsurers for coverage, which has led to significant capital outflow over the years.

Both the Minister and the Commissioner reiterated their commitment to ensuring that the outcomes of the stakeholders’ meeting would align with the federal government’s broader goals of enhancing the aviation and insurance sectors, promoting local content, and fostering the growth of Nigeria’s economy.

The upcoming meeting will bring together representatives from NAICOM, major airline operators and regulators, insurance providers, and other relevant stakeholders, all of whom will work towards developing solutions that promote the long-term sustainability and growth of Nigeria’s aviation sector.

This initiative is seen as a positive step towards creating a more efficient, robust, and competitive aviation industry, while also contributing to the overall economic development of the nation.