The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have signed a Memorandum of Understanding (MoU) to strengthen regulatory cooperation, insurance compliance and risk protection in Nigeria’s aviation sector.

‎The Commissioner for Insurance and Chief Executive Officer of NAICOM said the agreement would promote a more coordinated framework for compliance, information sharing and stakeholder confidence. He made the remarks during the signing ceremony attended by the Director-General of the NCAA, Captain Chris Ona Najomo, officials of both agencies and representatives of the aviation and insurance industries.

According to him, effective insurance protection is essential to managing the risks associated with aviation operations and safeguarding lives, property, businesses and the wider economy. He said the partnership would ensure that insurance arrangements supporting the sector remain adequate, valid and responsive to emerging risks.

The NAICOM boss said the Commission would provide regulatory oversight and technical expertise on insurance matters, including the verification of aviation insurance arrangements and information on licensed insurers authorised to underwrite aviation risks.

‎He added that the MoU provides for the establishment of a Joint Technical Committee to drive the implementation of the agreement. The committee will facilitate information sharing, review insurance requirements periodically, address operational challenges, coordinate stakeholder engagements and promote capacity building.

The Commissioner said the partnership would also support the periodic assessment of insurance cover maintained by aviation operators, while joint stakeholder engagements and training initiatives would contribute to improved regulatory effectiveness and greater confidence in the sector.

‎He stressed that the agreement goes beyond regulatory compliance, noting that a strong aviation insurance framework would protect policyholders, air travellers and third parties, while supporting business continuity, investment, access to financing and economic stability.

‎The NAICOM chief reaffirmed the Commission’s commitment to the successful implementation of the MoU, saying sustained cooperation between NAICOM, NCAA, operators, insurers and other stakeholders would help strengthen compliance and align Nigeria’s aviation sector with applicable international conventions and global best practices.