In a move set to boost investor confidence and improve the ease of doing business, the National Insurance Commission has unveiled a revised regulation on insurance for leased and financed aircraft in Nigeria.
The unveiling ceremony, which took place at the Office of the Minister of Aviation and Aerospace Development in Abuja, highlighted a collaborative framework between NAICOM, the Ministry of Aviation, and key industry stakeholders aimed at strengthening both the aviation and insurance sectors.
Speaking at the event, the Commissioner for Insurance, Olusegun Omosehin, described the revised regulation as a significant milestone in aviation insurance reform.
According to him, the new framework introduces certainty, predictability, and market stability while aligning Nigeria’s aviation insurance standards with global best practices.
“This is a transformative regulation that enhances the capacity of the insurance sector and sends a clear signal to the global aviation market that Nigeria is committed to international standards,” Omosehin said.
The revised framework was developed after extensive consultations with aviation operators, underwriters, international financiers, and aircraft lessors.
The regulation is expected to liberalise the market, streamline insurance requirements for leased aircraft, and improve the operating environment for both local and foreign players in the aviation ecosystem.
Omosehin expressed gratitude to the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, for his role in facilitating the regulatory reform. He also acknowledged the support of the Presidential Enabling Business Environment Council (PEBEC), the Nigerian Insurers Association, and the Airline Operators of Nigeria for their input and cooperation during the review process.
“With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape,” Omosehin stated.
The regulation is expected to not only improve the insurability of leased and financed aircraft in Nigeria but also attract more investment into the aviation industry, supporting long-term growth, innovation, and sectoral resilience.
The PUNCH reported that the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, has projected that the sector’s premium generation in 2025 will hit N2.5tn.
