Insurance

Why insurance firms apply caution underwriting aviation risks, says NAICOM boss

Posted on by Wole Shadare
Why insurance firms apply caution underwriting aviation risks, says NAICOM boss

…Says underwriters’ ‘ve capacity to cover sector risks The Commissioner for Insurance and the Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin has said that the high capital-intensive nature of aviation has made insurance firms to be very careful with underwriting risks in the sector. Speaking at the 4th Chinet Avia Cargo Conference 2024 in Lagos, he said the situation makes every aviation risk pass through NAICOM for proper scrutiny. He however…

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Minister:Why local insurance firms can’t cover big aircraft

Posted on by Wole Shadare
Minister:Why local insurance firms can’t cover big aircraft

Minister of Aviation and Aerospace Development, Mr. Festus Keyamo lamented that many of the insurance firms in Nigeria cannot insure many of the aircraft in the fleet of Nigerian airlines. The Minister disclosed to journalists in Lagos that the lack of capacity and the high premiums by the insurance firms had led to a hike in airfares. He disclosed that the new rule of the National Insurance Commission (NAICOM) is that every risk must be placed in…

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