BY NKECHI NAECHE-ESÉZOBOR—The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA), on Wednesday signed a Memorandum of Understanding (MoU) establishing a Joint Technical Committee on Aviation Insurance, aimed at strengthening regulatory collaboration between the two agencies.

The agreement was formalized at a ceremony held at the NCAA headquarters in Abuja, with the Director General of the NCAA, Capt. Chris Najomo, describing it as a landmark moment for the sector.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Segun Omosehin, described the  MoU as a strategic step toward strengthening Nigeria’s aviation insurance framework and supporting the country’s broader economic ambitions.

He said the agreement represents a significant milestone in deepening collaboration between the two regulators, whose mandates, though distinct, are mutually reinforcing.

“This occasion represents not only the strengthening of institutional cooperation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem,” the Commissioner said.

He noted that effective insurance protection in the aviation sector is not merely a regulatory formality but an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

Under the MoU, NAICOM will continue to provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on insurers licensed to underwrite aviation risks.

The agreement also establishes a Joint Technical Committee, which the Commissioner described as the “engine room” for implementing the partnership’s objectives.

The committee will be responsible for facilitating information sharing, conducting periodic reviews of insurance requirements, addressing operational challenges, coordinating stakeholder engagement, and promoting capacity building across both institutions and industry participants.

The Commissioner assured NCAA management of NAICOM’s full commitment to the committee’s success, pledging the technical support and expertise needed for effective delivery of its mandate.

Linking the partnership to national economic goals, the Commissioner said strong insurance protection remains a key enabler of investment and growth as Nigeria pursues a $1 trillion economy by 2030 under the Renewed Hope Agenda. He added that a robust insurance framework promotes public confidence in air travel, supports business continuity, facilitates access to financing, and contributes to broader economic stability.

He further stressed that compulsory aviation liability insurance serves as an important safeguard for air travellers and other stakeholders, offering assurance that compensation will be available where legally due.

Responding,, the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Ona Najomo, said the MoU reflects a long-standing working relationship between the two regulatory bodies and reinforces their joint commitment to aviation safety, financial resilience, regulatory compliance, and the protection of the travelling public and other industry stakeholders.

“Aviation remains a paradoxical industry that is globally recognised as the safest mode of transportation, yet characterised by high-impact operational risks,” Najomo said, noting that the NCAA’s safety mandate must be backed by a transparent and verifiable insurance framework.

He explained that NAICOM for several years, supported the NCAA by assessing the adequacy of insurance policies procured by aviation operators, in line with Part 18.14 of the Nigeria Civil Aviation Regulations 2023. The newly signed MoU, he said, builds on that cooperation.

“This MoU we are signing today further deepens that cooperation, enhances stakeholder confidence, and supports cost-efficient operations while addressing challenges faced by Nigerian operators,” he stated.

According to Najomo, the goal of the partnership goes beyond regulatory enforcement. He said the aim is to create a balanced environment where aviation safety and financial protection reinforce one another, while promoting sustainable insurance practices and reducing avoidable regulatory bottlenecks — in alignment with the Federal Government’s Renewed Hope Agenda.

The post NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria appeared first on Business Today NG.