Aviation Minister Pledges to Convene Stakeholders Meeting to Resolve Aviation Insurance Controversy

Ebere Nwoji

Following complaints by Nigerian airline operators of double insurance premium to insurers in home countries of aircraft they use in business and to Nigerian insurers as a result of local content laws as well as   high aviation insurance premium charged by Nigerian insurers, the minister of aviation Festus Keyemo, has stated that, he would convene a stakeholders meeting to reach an agreeable position to all parties. 

The minister stated this when the commissioner for insurance, Mr. Olusegun Ayo Omosehin paid courtesy visit to his office in Abuja.

Speaking, Omosehin 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, he briefed the Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws. 

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.

Both the 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.