NCAA Demands Strict Insurance Compliance as Summit Seeks Global Alignment

The Nigeria Civil Aviation Authority (NCAA) has called on insurers and aviation stakeholders to tighten compliance and align with international standards, in a renewed push to safeguard Nigeria’s airspace and restore investor confidence.

At the recently-held Civil Aviation Insurance Compliance and Financing Summit in Lagos themed “Securing the Skies: Navigating Aviation Insurance and Aircraft Finance Safeguards” NCAA’s Director-General, Captain Chris Najomo, urged insurers to strengthen resilience and ensure policies meet global risk-management benchmarks.

Najomo highlighted major gaps in the existing insurance framework: conflicts between local-content insurance regulations and international leasing requirements; ambiguous reinsurance arrangements; and limited capacity of local underwriters to cover high-risk, large-body aircraft.

Representatives from the National Insurance Commission (NAICOM) presented a newly revised “Addendum to Prudential Guidelines,” mandating strict financial-strength ratings for aviation insurers, capping risk retention per insurer, requiring senior-level approvals for aviation placements, and enforcing a 72-hour occurrence-reporting rule.

During the summit, the Minister of Aviation and Aerospace Development, Festus Keyamo, emphasised that full compliance and transparent insurance programmes are essential for sustaining financing, attracting investors, and ensuring lessors remain confident in leasing aircraft to Nigerian operators.

By Oshuniran Sheriff Ola