NCAA, NAICOM Sign Landmark MoU to Deepen Aviation Insurance, Safety

The Nigeria Civil Aviation Authority (NCAA) and National Insurance Commission (NAICOM) signed a Memorandum of Understanding (MoU) Wednesday in Abuja to strengthen aviation safety, financial resilience, regulatory compliance, and protection for travelers and aviation stakeholders. The ceremony saw the signing by NCAA's Director-General, Capt. Chris Ona Najomo, and NAICOM's Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin.

The MoU represents a long-standing collaborative relationship between the two institutions and aims to enhance aviation safety and financial resilience. It marks a commitment to strengthening the regulatory framework surrounding aviation insurance in Nigeria.

The MoU also created the Joint Technical Committee on Aviation Insurance, co-chaired by representatives of the NCAA and NAICOM. The DGCA noted that while aviation is recognized as the safest mode of transportation globally, it is characterized by high-impact operational risks. The collaboration aims to address these risks and promote sustainable insurance practices.

NAICOM CEO, Mr. Olusegun Ayo Omosehin, emphasized that effective insurance protection in aviation is not merely a regulatory requirement but an essential risk management tool that safeguards travelers, property, and businesses. The partnership aims to ensure that insurance agreements supporting the aviation sector remain adequate, valid, and responsive to emerging risks.

Mrs. Olayinka Babaoye-Iriobe, Director of Air Transport Regulation at the NCAA, highlighted the importance of adequate underwriting capacity, contract certainty, risk retention, and effective regulatory compliance and enforcement in the partnership. The agreement is expected to enhance risk management, improve contract certainty, promote access to aircraft leasing and financing, and strengthen the overall financial resilience of Nigerian aviation operators.