Festus Keyamo, Minister of Aviation and Aerospace Development, has expressed the federal government’s readiness to intensify efforts toward insuring aircraft operation.

Mr Keyamo said this while speaking with journalists shortly after a stakeholders’ engagement meeting on the insurance of aircraft operations in Abuja.

According to him, aviation insurance is a crucial aspect of the aviation industry, providing financial protection against various risks associated with aircraft operations.

The minister added that it was essential for aircraft owners, operators, and passengers to understand the different types of aviation insurance available.

“Today, this meeting has been convened following the order of the vice president, who directed us to speak with all the stakeholders regarding the issue of aircraft insurance.

“The demand of international lessors and financials and how to balance that with our local content requirements in Nigeria. We all had a very robust discussion.

“Leaders in the National Assembly, Airline Operators of Nigeria (AON), NAICOM chairman, NCAA, staff of Ministry of Aviation and Aerospace Development, among others, are here providing support and guidance on the way to go,” he said.

Mr Keyamo said the stakeholders resolved that there was a need for further engagement on the issue of insurance of aircraft operation.

He added that the stakeholders suggested the need for the Nigerian Insurance Association to further engage with the international lessors and financiers to understand their position and capacity.

“It is part of rebranding Nigeria’s image to the world. Every sector has a duty to rebrand and let the world understand how we are and what we are capable of.

“That came out of the meeting today. We are travelling to Dublin in January on the issue of insurance in aviation. They have invited us for the event over there,“ he said.

In Nigeria, aviation insurance typically covers pilots’ loss of licence insurance, aircraft hull all-risk insurance, airport owners, and operators’ liability insurance.

Others are hall war insurance, aviation fullers’ liability insurance, third-party liability insurance, hangar keepers’ liability insurance, passenger liability insurance, spares and equipment liability insurance, and crew personal accident. 

(NAN)