Nigerian insurance, aviation sectors forge stronger synergy at 5th CHINET Avia Cargo Conference
Abdullateef Fowewe
The 5th CHINET Avia Cargo Conference, part of the 21st Akwaaba African Travel Market, began on Sunday at Eko Hotel and Suites, Lagos, and continued until Tuesday, September 16, 2025.
The Tuesday event centered on “The Emerging Synergy Between Aviation and Insurance,” spotlighting critical partnerships and discussions between Nigeria’s aviation and insurance industries.
Ikechi Okoh, founder of Akwaaba African Travel Market, emphasised the event’s purpose as promoting intra-African travel, trade, and cultural exchange in West Africa’s leading travel exhibition.
Olusegun Ayo Omosehin, Commissioner for Insurance, who was represented at the event by Dr Usman Jankara Jimada, Deputy Commissioner for Insurance (Finance and Administration), while speaking emphasised the regulator’s role in protecting aviation stakeholders, stating, “What we do as a regulator is to ensure that that promise that insurance brings to the table, that in the event something goes wrong, the financial loss that is location by that event you are compensated.”
He clarified misconceptions about aviation insurance in Nigeria, explaining that premiums are priced based on risk and in consultation with the international market.
Jimada highlighted reforms such as the enforcement of domestication laws requiring aviation risks to be insured locally before any portion is ceded abroad.
He noted, “Nigeria is fully compliant with aviation insurance practice globally as far as financiers and leased aircraft are concerned.”
He also celebrated the passage of the Nigerian Insurance Industry Reform Act 2025, underlining that, “The insurance policy holder Protection Fund is meant to settle claims in the event insurers are unable to settle, so the error of companies not being able to settle claims is gone for good.”
Kunle Ahmed, Chief Executive Officer of AXA Mansard Insurance Plc and Chairman of the Insurance Association, reassured stakeholders of the industry’s capacity to underwrite complex aviation risks.
“The Nigerian insurance industry is capable and has the capacity and experience of arranging insurance cover for all the risks that we are exposed to within the aviation sector,” said Ahmed.
He pointed to improved transparency through international ratings and expressed confidence in local insurers’ ability to negotiate terms, adding, “The purpose of putting together an insurance policy is to be sure that someone will be there for you when there’s a loss.”
Chief Babajide Olatunde-Agbeja, Chairman of Boff & Co. Insurance Brokers Ltd, reflected on the current challenges and future potential, saying, “Insurance capacity is going lower because of huge claims experience. But when claims experience improves, capacity is attracted—so you put the fund there, working for you, you fly all over the world.”
President of the Professional Insurance Ladies Association, Abimbola Onakomaiya, while speaking highlighted the scale and growth of Nigeria’s aviation sector, noting about 370 registered aircraft and the critical role of insurance, stating, “There is no way in which you have such a high number of aircraft without having a very strong insurance backing for these aircraft.”
She underscored the importance of collaboration among regulatory bodies, insurers, brokers, and aviation operators to enhance safety and competitiveness in the global market.
“The insurance provides the peace of mind,” she noted.
