The Nigeria Civil Aviation Authority, NCAA, and the National Insurance Commission, NAICOM, have signed a Memorandum of Understanding to strengthen the regulation and oversight of aviation insurance in Nigeria.
The agreement establishes a Joint Technical Committee on Aviation Insurance and is expected to improve compliance, information sharing and protection for passengers and other aviation stakeholders.
The agreement formalises collaboration between the two regulators, which have worked together over the years to assess aviation insurance policies obtained by operators.
Under the existing arrangement, NAICOM provides technical input on the adequacy and viability of insurance policies, while the NCAA ensures that operators meet insurance requirements under the Nigeria Civil Aviation Regulations.
A Joint Technical Committee on Aviation Insurance has also been established under the agreement.
It is expected to facilitate information sharing, verification of insurance compliance and joint action on emerging issues in the sector.
With the signing of the MoU, both agencies are expected to strengthen their joint oversight of aviation insurance and improve compliance across the industry.
The regulators say the partnership will ultimately support a safer and more financially resilient Nigerian aviation sector.
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Editor: Ada Ononye
