By Sola Alabadan
The Commissioner for Insurance, Mr. Olusegun Omosehin paid a courtesy visit to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo on Wednesday in Abuja to ensure operators in the aviation sector are adequately insured, as well as to prevent capital flight in the economy and grow the nation’s Gross Domestic Product (GDP).
Omosehin, who is also the and Chief Executive of the National Insurance Commission (NAICOM) briefed the Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws in the country.
He emphasised the local content provisions of the law, the global practice of risk sharing, need to develop local capacity and expertise, while also preventing capital flight and supporting the government to grow GDP.
The NAICOM boss highlighted the core functions of the commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as adviser to the Federal Government on all insurance related matters, while ensuring the protection of insurance policyholders, and public trust.
The Minister welcomed the Commissioner and expressed his delight for the visit, stating that he had been looking forward to this meeting, which was necessary to discuss critical issues impacting the operations of domestic airlines.
He stated that, based on the clarifications provided by the Commissioner for Insurance, he would like to convene a stakeholders meeting involving the Commission, airline operators and insurance operators to reach an agreeable position to all parties.
Meanwhile, the Managing Director of the Federal Airport Authority (FAAN), Mrs. Olubunmi Kuku also attended the meeting.
The Minister and the Commissioner agreed that interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in our relevant laws to attract and retain credible relationships with international stakeholders.
