THE National Insurance Commission (NAICOM has collaborated with the Ministry of Aviation to prevent capital flight in the nation’s economy.
The Commissioner for Insurance, Olusegun Omosehin, said at a courtesy visit to the Minister of Aviation and Aerospace Development, Festus Keyamo, saying that the alliance is necessary to promote the country’s image, adding that it will also help to attract and retain credible relationships with international stakeholders.
He stressed on the need for local content provisions of the law and the global practice of risk sharing.
For him, the collaboration would also developing local capacity and expertise, and managing capital flight to support the growth of the country’s Gross Domestic Product (GDP).
According to him, the commission is committed to its mandate of regulating, supervising and developing the insurance industry in the country, and also ensuring the protection of insurance policyholders and public trust.
Speaking at the meeting which was also attended by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku, the aviation minister, Festus Keyamo, observed that the meeting was necessary to discuss critical issues impacting the operations of domestic airlines.
The minister pledged to convene a stakeholders meeting involving the commission, airline operators and insurance operators to reach an agreeable position for all parties.
Speaking on the development at the weekend, the president, Nigerian Council of Registered Insurance Brokers (NCRIB) Prince Oguntade urged the government to consider with the fact that many insurance companies had invested heavily in building expertise and capacity to underwrite aviation risks. “We further believe that the government’s concerns can be addressed through collaboration and capacity building. We are willing to work with the government to identify areas where the industry needs to improve and develop strategies to address those gaps, ” he added.
