NAICOM, NCAA partner to boost aviation insurance compliance

The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have signed a Memorandum of Understanding (MoU) to strengthen aviation insurance compliance and improve protection for air passengers and other stakeholders in Nigeria’s aviation sector.

The agreement, signed in Abuja on Wednesday, also established a Joint Technical Committee on Aviation Insurance to enhance collaboration, information sharing and regulatory oversight between both agencies.

Speaking at the signing ceremony, Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, said the partnership would ensure stronger compliance with aviation insurance requirements and improve confidence in the sector.

“Effective insurance protection is not merely a regulatory requirement; it is an essential risk management tool that safeguards lives, property, businesses and the broader economy,” Omosehin said.

He explained that the committee would verify aviation insurance arrangements, review compliance requirements, coordinate stakeholder engagement and address operational challenges within the industry.

Omosehin added that compulsory aviation liability insurance is critical to protecting passengers and third parties, while also supporting investment and business continuity in the aviation industry.

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On his part, Director-General of the NCAA, Capt. Chris Najomo, described the MoU as a major step towards strengthening aviation safety and financial resilience.

“Our safety mandate must be complemented by a robust, transparent and verifiable insurance framework. This partnership with NAICOM strengthens that foundation,” he said.

Najomo noted that the two regulators had worked together over the years on assessing insurance policies obtained by aviation operators, adding that the new agreement formalises and deepens that cooperation.

He said the objective was to create a regulatory environment where aviation safety and financial protection work hand in hand, rather than focusing only on enforcement.

Both agencies expressed confidence that the Joint Technical Committee would improve aviation insurance compliance, strengthen oversight and align Nigeria’s aviation insurance framework with global best practices.