NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Compliance, Protect Passengers

The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have signed a Memorandum of Understanding to strengthen regulatory oversight of aviation insurance, improve compliance and enhance the protection of air passengers and other stakeholders.

The agreement will deepen cooperation between the two regulators in information sharing, verification of aviation insurance arrangements, stakeholder engagement and periodic reviews of insurance requirements within the aviation sector.

Speaking at the signing ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM said the partnership represented a significant milestone in strengthening Nigeria’s aviation ecosystem.

The Commissioner said the collaboration would provide a coordinated framework for compliance, risk protection, information sharing and stakeholder confidence.

“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 NAICOM boss said.

According to the Commissioner, aviation insurance is more than a regulatory requirement, describing it as a critical risk management tool for protecting lives, property, businesses and the broader economy.

The Commissioner said NAICOM 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.

The MoU also establishes a Joint Technical Committee comprising representatives of both agencies to facilitate information sharing, conduct periodic reviews of insurance requirements, address operational challenges and coordinate stakeholder engagements and capacity-building initiatives.

The Commissioner assured the management of the NCAA of NAICOM’s commitment to supporting the committee and ensuring the effective implementation of the agreement.

“We regard the Committee as a strategic platform for strengthening regulatory cooperation, enhancing the integrity of aviation insurance arrangements, and promoting stakeholder confidence in the sector,” the Commissioner said.

The NAICOM boss added that the partnership would go beyond regulatory compliance by strengthening protection for policyholders, air travellers, airlines, financiers, lessors, service providers and third parties.

According to the Commissioner, compulsory aviation liability insurance remains a critical safeguard for passengers and users of aviation services by ensuring that compensation is available where legally due.

The Commissioner noted that a robust insurance framework would also promote public confidence in air transportation, support business continuity, facilitate investment and improve access to financing.

“As Nigeria pursues the attainment of a one trillion-dollar economy by 2030 under the Renewed Hope Agenda, effective risk management and strong insurance protection must remain key enablers of investment, enterprise, consumer protection, and long-term national development,” the Commissioner said.

The Commissioner further stressed that the success of the partnership would depend on sustained engagement, mutual trust and a shared commitment to regulatory excellence.

NAICOM expressed appreciation to the leadership of the NCAA, led by its Director-General, Captain Chris Ona Najomo, for its cooperation throughout the process leading to the signing of the agreement.

The Commissioner said the partnership would help strengthen compliance, improve confidence in aviation insurance and ensure that Nigeria’s aviation sector aligns with applicable international conventions and global best practices.

“Through effective cooperation between NAICOM and NCAA, we can better safeguard passengers, protect third parties, support the stability of aviation operations, and contribute to a safer, more resilient, and more trusted air transport system,” the Commissioner added.I can also make the story more punchy and newspaper-style, with a stronger lead focused on passenger protection and compulsory aviation insurance.