Insurers seek partnership with airline operators

Insurers have solicited for partnership with airline operators for improved synergy between the insurance and aviation operators.

Speaking at a breakfast meeting by the Aviation Round Table (ART) in Lagos, the Managing Director/CEO, Consolidated Hallmark Insurance Plc, Eddy Efekoha, who gave a presentation titled ‘Regulation and Aviation Insurance’ said that complying with the rules on timely payment of premium will ease indemnity should there be risk.

He said that the company currently leads in 12 aviation insurance policies and co-insure another 36 with a gross aviation premium income of N17 billion in 2015.

Efekoha listed policies for the sector to include aircraft hull, passengers, aviation third party as well as excess liability, which also included aircraft hull war, aviation refuelling; hanger keepers’ liability and airport operator liability.

According to him, “ In accordance with the Civil Aviation Act 2006, every airline operator providing air transport services for hire and reward, must have adequate Insurance for passengers/cargo and third party. The insurance must be sufficient to pay compensation of $100,000.00 USD (one hundred thousand US Dollars) per passenger in case of death or injury”.

The Managing Director of NICON Insurance, represented by Vincent Okomayin, in his paper stated that the primary responsibility of both local and international regulation is to ensure safety of life and property of passengers/ third party, stressing that the role of airline operators in aviation insurance is to provide adequate and reliable insurance cover.

He said that NICON started aviation insurance in Nigeria and was the sole indigenous insurer of the now defunct national carrier, Nigeria Airways for a couple of years, bring to bear a wealth of experience in aviation insurance.