Keyamo assures on deeper participation of local underwriters in aviation insurance

Minister of Aviation and Aerospace Mr Festus Keyamo has assured the nation’s insurance practitioners of deeper participation in the insurance of aircraft in the country.

The Ministered said that his office will work closer with the office of the Commissioner for Insurance to determine better ways of expanding the participation of local underwriters in aviation insurance.

The assurances of the involvement of local underwriters in aviation insurance follow the presentation made to the minister by the Nation’s Commissioner for Insurance Mr Olusegun Omosehin when he paid courtesy visit to the minister.

The Commissioner had during the visit highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.

Specifically on aviation insurance, the Commissioner went further to brief the Hon. Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. Emphasis was on local content provisions of the law, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of our GDP.

Keyamo welcomed the Commissioner and expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.

He stated that, based on the clarifications provided by the Commissioner for Insurance, he would like to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.

Also, in the meeting was the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku.

Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in our relevant laws to attract and retain credible relationships with international stakeholders.