At an aviation and cargo conference in Lagos with the
theme "The Role of Insurance Regulation in the Growing Aviation and Cargo
Business in Nigeria," they came to their decision.
Aviation insurance is seen as an extreme risk, and as a
result of the significant risk involved with the industry, the cost is expected
to be high.
The insurance experts stated in their various opening
remarks at the gathering that the law's restrictions on insurance coverage for
the region should be seriously taken into consideration.
Speaking to the Chief Executive Officer of the
Commission, Mr. Leo Aka, Director, Policy and Regulation, National Insurance
Commission NAICOM, called for more capital infusion to enable more neighborhood
maintenance and permit more nearby reinsurers to address some of the
significant challenges facing aviation insurance in Nigeria.
He was inclined to mention, among other things, the
nature of reinsurance coverage, undercutting nearby fulfilled Act necessities,
the Airline Operators of Nigeria (AON), and allegations of exorbitant charge
prices.
Mr. Edeki Isujeh, the Managing Director of one of the
insurance companies, brought up the subject of accepting dollars for payment
installments and asked the insurance controller to contact the Central Bank of
Nigeria for a special window.
The event, according to the meeting's coordinator, Mr. Ikechi Uko, aims to bring together carrier executives and insurance companies in order to address the growing perception of aircraft double-dealing by Nigerian insurance companies and the purported use of the law to prevent them from using unfamiliar backup plans when they need adequate ability to protect a brand-new airplane but at the same time charge a high price.
