NAICOM unveils landmark regulation for leased aircrafts, boosting aviation and insurance sectors

In a ground breaking move, the National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and financed aircrafts.

This development is set to strengthen Nigeria’s aviation and insurance industry, enhance investors’ confidence, and promote ease of doing business in the country.

The unveiling ceremony held at the office of the honourable Minister of Aviation, underscores collaborative efforts between the NAICOM, Federal ministry of Aviation and Aerospace development and key stakeholders.

Commissioner for Insurance, Mr. Olusegun Ayo Omosehin described the regulation as a transformative framework that will foster certainty, predictability and stability in the aviation insurance market.

The revised regulation is the result of extensive consultations with industry players, including aviation operators, insurers and international financiers and lessors. Mr Omosehin emphasized that the new framework will liberalize insurance requirements, boost industry capacity and reassure the global the aviation market of Nigeria’s commitment to global standards.

The Commissioner expressed gratitude to the Honourable Minister to of Aviation and Aerospace Development, Mr. Festus Kayamo, SAN, and the Presidential Enabling Business Environment Council(PEBEC) for their instrumental role in driving the reform forward.

He also acknowledges the Nigerian Insurers Association (NIA), Airlines Operators of Nigeria (AON)and other industry stakeholders for their collaborative input.

With this regulation, Nigeria’s aviation is poised for growth, innovation and investment, As Mr Omosehin noted, ‘‘with the right insurance framework, Nigeria’s aviation sector can overcome challenges adapt to changes, and thrive in an evolving landscape.’’ This revised regulation signals Nigeria’s readiness to attract aviation business and soar to new heights.