Insurance Archives - Aviation metric

Insurance protection gap threatens Nigeria’s economic resilience

Posted on September 17, 2026September 17, 2026 by Wole Shadare

Nigeria’s economic growth could remain vulnerable to major financial shocks unless the country urgently addresses its wide insurance protection gap. SanlamAllianz Life Insurance Nigeria Limited Chairman, Dr Femi Oyetunji, says millions of households, businesses, and public assets remain exposed to losses that could undermine economic stability. Speaking on Wednesday at the All-Inclusive Mass Media Training on Insurance Awareness, Oyetunji said the insurance challenge should no longer be viewed as an industry-specific issue, but as a…

IRS Airlines wins disputes against 18 Nigerian insurance firms

Posted on March 12, 2026 by Wole Shadare

Court awards $3.65 million against the lead insurer $200,000 against IGI, $150,000 against Mutual Benefit Assurance In a landmark ruling delivered o by Hon. Justice K. A. Jose at the High Court of Lagos State (Commercial Division), IRS Airlines Limited secured a significant victory in its long-running insurance dispute against 18 Nigerian insurance companies. The case, suit no. LD/3187CMW/2017, centred on the insurers’ refusal to honour a claim following the total loss of a Fokker…

Expert: Airport certification I’ll lower airlines’ insurance premium, others

Posted on December 22, 2025December 22, 2025 by Wole Shadare

How FAAN underwent tedious aerodrome certification The recent certification of both the Kano and Port Harcourt airports has again rekindled hope for aerodrome safety, lower insurance premiums, and other benefits for the country. The aerodrome certification approvals were formally presented on December 19, 2025, at the NCAA headquarters in Abuja, following a rigorous, structured regulatory process jointly conducted by FAAN and the NCAA. Tukur According to the Federal Airports Authority (FAAN) Director of Public Affairs and Consumer…

Pilots’ group to provide loss of license insurance for members, aircraft engineers

Posted on November 3, 2025November 3, 2025 by Wole Shadare

Association of Aircraft Pilots and Engineers (NAAPE) has unveiled plans to provide comprehensive Loss of Licence Insurance Cover for all Nigerian pilots and aircraft engineers. This initiative marks a significant milestone in strengthening the welfare and professional security of aviation personnel nationwide. The scheme, developed in partnership with First Standard Insurance Brokers, is designed to protect pilots and engineers who lose their professional licences due to medical incapacity or other qualifying conditions that render them…

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

Posted on August 23, 2024 by Wole Shadare

…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…

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

Posted on August 5, 2024August 5, 2024 by Wole Shadare

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…