The National Insurance Commission NAICOM has assured of its commitment to giving adequate support and confidence to operators in the aviation sector, to promote economic growth and development of the nation.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin gave the assurance at the 4th Chinet Aviacargo Conference, in Lagos.
Omosehin said the role of insurance, should be seen beyond just financial protection, but as one that is a very critical part of the economy that .understand the pattems, behaviours, and risk profiles of industries.
He however bemoaned significant waves of disruption the sector is facing, spanning new innovations, to dilution of the aviation insurance ecosystem and technology.
He therefore appealed to all stakeholders in the aviation sector to see the bigger picture of growing the industries beyond the immediate individual gains, but rather, collectively growing an economy that is sustainable.
“Insurance serves as a vital safety net, ensuring that the financial burdens of potential losses are transferred to insurance companies, thereby fostering growth and development in the sector
“The entire insurance value-chain is intended to enhance efficient allocation of resources in market-oriented economies everywhere. Specifically, and is noteworthy that insurance compames facitate investment in infrastructure and high-risk/retum activities, by generating sources of long-term finance, manage high-risk exposures as well as heip stimulate the growth of debt and equity markets.
“As a regulator in the financial services sector, our role is to ensure stability of the financial system, improve soundness of our operators in the insurance sector and safeguard pobcyhoiders’ interest.
“The Nigerian Insurance sector is therefore best ft to understand the pattems, behaviours, and risk profiles of the various sectors, in the best interest of the insuring Public and businesses in Nigeria, whilst layering its support from its insurers.
“Unfortunately, the insurance Industry is not insulated from the pressure of disruptive erwironmental patterns, especially the external environment, thereby affecting how businesses are conducted by Underwriters.
“We can almost ascertain thet insurance Sector is facing spanning new innovations to changes in market positioning, dilution of the aviation insurance ecosystem, technology, Changing nature of aviation risks and skills in underwriting aviation businesses”, he said
