The Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Najomo, has urged aviation insurers to enhance compliance, resilience, and alignment with global best practices to safeguard Nigeria's skies.
He made the remarks at the Aviation Insurance Compliance and Financing Technical Awareness Summit in Lagos, themed “Securing the Skies: Navigating Aviation Insurance and Aircraft Finance Safeguards,” hosted by the Directorate of Air Transport Regulations (DATR), according to a Radio Nigeria report.
Mr Najomo emphasised that the industry must carefully manage the transition to new insurance frameworks without disrupting existing contracts, lease agreements, or loan covenants.
He also highlighted the importance of harmonising safety oversight with financial indemnity obligations and providing clear guidance on reinsurance arrangements involving foreign insurers.
Minister of Aviation and Aerospace Development, Mr Festus Keyamo, said that airlines must operate transparent and fully compliant insurance programmes. He added that insurers are expected to provide sufficient capacity, competitive products, and world-class risk management.
In his presentation on “Addendum to Prudential Guidelines for Insurers and Reinsurers” at the conference, Mr Bankole Ajibola, Director, Inspectorate, National Insurance Commission (NAICOM), cited key issues in aircraft insurance, according to other media reports. The issues he raised included the cap on retention per aviation risk at 5% of shareholders’ funds; senior-level authorisation for all aviation placements; compliance with international standards, including financial strength ratings; and meeting local content requirements and 72-hour occurrence-based reporting requirements.