Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have moved to strengthen aviation insurance oversight in Nigeria with the establishment of a Joint Technical Committee on Aviation Insurance.
The initiative is part of a Memorandum of Understanding (MoU) signed by both regulators on Wednesday in Abuja to improve regulatory cooperation, strengthen compliance and enhance financial protection for passengers and other aviation stakeholders.
Speaking at the signing ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, said the agreement would provide a coordinated framework for compliance, risk protection and information sharing across the aviation and insurance sectors.
He said, “effective insurance protection is not merely a regulatory requirement; it is an essential risk management tool that safeguards lives, property, businesses, and the broader economy.”
According to him, the partnership would enable NAICOM to provide regulatory oversight and technical expertise, including the verification of aviation insurance arrangements and information on licensed insurers authorised to underwrite aviation risks.
Omosehin said the newly established Joint Technical Committee would serve as the “engine room” for implementing the agreement through information sharing, periodic reviews of insurance requirements, stakeholder engagement, operational problem-solving and capacity building.
He further stressed the importance of compulsory aviation liability insurance in protecting passengers and third parties, noting that a strong insurance framework would also support investment, business continuity and confidence in Nigeria’s aviation industry.
The NAICOM boss said the initiative was particularly relevant to the Federal Government’s economic ambitions, stressing that “effective risk management and strong insurance protection must remain key enablers of investment, enterprise, consumer protection, and long-term national development.”
Also speaking, the Director-General of the NCAA, Capt. Chris Najomo, said the agreement would strengthen the relationship between both regulators and provide a stronger foundation for aviation safety and financial resilience.
Najomo described the event as the culmination of a longstanding relationship between NCAA and NAICOM, noting that NAICOM had previously provided expert assessments on the adequacy and viability of insurance policies procured by aviation operators.
He said, “our safety mandate must be complemented by a robust, transparent, and verifiable insurance framework.”
According to him, the new MoU would deepen regulatory cooperation, enhance stakeholder confidence and help address challenges faced by Nigerian aviation operators.
Najomo said the objective of the partnership was not simply to enforce insurance requirements but to create a balanced regulatory environment in which safety and financial protection work together.
“Our objective is not merely to enforce compliance, but to establish a balanced regulatory environment in which aviation safety and financial protection complement each other,” he said.
He added that the collaboration would promote sustainable insurance practices, minimise avoidable regulatory and operational challenges and support the long-term growth and resilience of the aviation sector.
Both officials expressed confidence that the Joint Technical Committee would translate the MoU into measurable improvements in aviation insurance compliance and oversight.
Najomo summed up the essence of the partnership, saying, “aviation safety must be supported by adequate financial protection.”
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