Insurance regulator, the National Insurance Commission (NAICOM) has met with Festus Keyamo, the minister of Aviation and Aerospace Development on how the insurance and aviation sectors could collaborate to enhance their contributions to GDP.
NAICOM management led by Olusegun Omosehin, commissioner for Insurance, during the courtesy visit to the minister in his office in Abuja, laid emphasis on local content provisions, the global practice of risk sharing, developing local capacity and expertise, managing capital flight and supporting the growth of our GDP.
Speaking further, Omosehin highlighted the core functions of the Commission, which include regulating, supervising and developing the insurance industry in Nigeria, and acting as an adviser to the Federal Government on all insurance-related matters, while ensuring the protection of insurance policyholders, and the public trust.
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On aviation insurance, he went further to brief the Hon. Minister on the workings and arrangements of aviation insurance and reinsurance, in accordance with extant laws.
Responding, 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.
Keyamo also agreed with the NAICOM boss that an interaction of this nature was imperative in promoting the image of Nigeria while pushing for improvements in the relevant laws to attract and retain credible relationships with international stakeholders.
