NAICOM, NCAA set up committee on aviation insurance

The National Insurance Commission (NAICOM) in collaboration with the Nigeria Civil Aviation Authority (NCAA) has vowed to address aviation insurance-related issues and strengthen the regulations.

The two government agencies made the vow when a committee was officially inaugurated to seek verification of insurance certificates and related documents of airline operators in Abuja.

Speaking at the meeting between the two agencies, the Commissioner for Insurance, Olusegun Omosehin, represented by the Deputy Commissioner Technical, Dr Usman Jankara, welcomed the NCAA delegation, led by Rominiyi Dorcas, saying the partnership signals the beginning of a significant collaboration between the two agencies for economic development.

Jankara stressed that NAICOM’s primary responsibility is to regulate the insurance industry and protect the interests of policyholders.

Addressing misconceptions that the commission prioritises the protection of operators over policyholders, he reassured the public that safeguarding their rights remained a priority of the regulator. He highlighted the committee’s key role in ensuring that affected parties in aviation incidents are compensated and properly indemnified.

Terms of Reference for the joint committee include a focus on the following objectives verification of insurance certificates and related documents of airline operators, and affiliate agencies, providing technical support to the NCAA on insurance matters, facilitating resolutions of airline operators’ complaints on insurance coverage, advising the NCAA on aviation insurance adequacy and validity among others.

The NCAA delegation leader and DGM for Financial Health and Aviation Insurance pledged her team’s dedication to achieving the committee’s objectives. Jankara expressed confidence in its members’ expertise, emphasising the importance of flexibility and automation in achieving set goals.