Aviation insurance: Nigerian insurers equipped to handle aviation risks

According to the National Insurance Commission (NAICOM), the Nigerian insurance market has the capacity to underwrite local aviation risks.

Speaking at the 4^th CHINET Aviacargo conference in Lagos, Nigeria, NAICOM CEO Olusegun Omosehin said that Nigerian law allows only Nigerian insurers to cover local airlines. Local insurers are then free to share the risk with reinsurers.

O. Omosehin also pointed out that NAICOM's prudential regulations define minimum prudential standards for underwriting, reinsurance, investments, provisions, outsourcing, etc., including for the aviation insurance sector.