NAICOM Launches Revised Insurance Regulation For Leased Aircraft

In a strategic boost to Nigeria’s aviation and insurance sectors, the National Insurance Commission (NAICOM), on Tuesday, unveiled its Revised Regulation on Insurance of Leased and Financed Aircrafts in collaboration with the Federal Ministry of Aviation and Aerospace Development.

The new framework is aimed at improving investor confidence, streamlining operations, and aligning local practices with international aviation and insurance standards and as well pave the way for aviation sector growth.

The regulation was launched during a ceremony at the Federal Ministry of Aviation and Aerospace Development in Abuja, marking a significant milestone in inter-agency collaboration between NAICOM, the Ministry, and key stakeholders across both industries.

Speaking at the event, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the revised regulation as a “transformative framework” that introduces certainty, predictability, and stability into Nigeria’s aviation insurance space.

According to him, the updated policy will help liberalize insurance conditions for leased aircrafts, expand the capacity of local insurers, and reassure foreign lessors and financiers of Nigeria’s regulatory reliability.

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“This reform is the product of broad-based consultations involving aviation operators, insurers, international financiers, and aircraft lessors,” Mr. Omosehin said. “It’s a bold step towards fostering innovation and long-term investment in the aviation value chain.”

He extended appreciation to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and the Presidential Enabling Business Environment Council (PEBEC) for their critical roles in supporting the initiative. The Commissioner also acknowledged the Nigerian Insurers Association (NIA), Airline Operators of Nigeria (AON), and other stakeholders whose input shaped the final document.

Minister Keyamo, in his remarks, commended NAICOM for spearheading reforms that complement the government’s push to make Nigeria a hub for aviation investment in Africa. He reaffirmed the Ministry’s commitment to policies that drive operational efficiency and global competitiveness.

The new regulation is expected to ease compliance for airline operators while making it easier to secure leasing and financing arrangements under transparent and globally accepted insurance terms.

“With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to global shifts, and thrive in a competitive landscape,” Mr. Omosehin noted, signaling optimism for the future.

As Nigeria looks to expand its role in global aviation, this landmark policy reform serves as a strong signal of regulatory maturity, business readiness, and the government’s commitment to driving sector-wide growth.