As the 2025 AKWAABA Travel Market enters it third day, the Commissioner, National Insurance Commission (NAICOM), Mr. Olusegun Omosehi, has said that the the recently passed Nigeria Insurance Industry Reform Act ((NIRA) 2025, has reduced the time for settling claims for insurance risk from 90 to 60 days to ensure that policy holders don’t wait for too long before collecting their claims.
He , however stated that NAICOM can further reduce the time from from 60 days to a shorter time.
This is just as he stated that the reduction of the time is contained in the newly signed Nigeria Insurance Industry Reform Act ((NIRA) 2025.
The Commissioner ,who was represented by the Deputy Commissioner,Technic, NAICOM, Dr. Usman Jankara, spoke at the day three of AKWAABA Travel Market holding at Eko Hotels and suites,Lagos.
The Deputy Commissioner explained that the role of NAICOM in aviation is not to promote its members but to give full protection to insurance policy holders .
He added that insurance entities ensure that insurance policy holders are adequately compensated in the event of any financial loss.
He, however lamented that there are alot of misunderstanding of how aviation insurance work..
The Deputy Commissioner pointed out that the pricing for aviation risks are not only done in Nigeria but that it can be done in collaboration with the international insurance market.
He said that for any insurance company to underwrite aviation institute risk, the company must be registered and regulated by NAICOM..
Jankara asserted that though the local insurance companies in Nigeria may not have the capacity to insure a particular risk in aviation but that NAICOM has made it in a way that before a risk is taken abroad, the regulator would ensure the potential holder has exhausted all the capacities provided by domestic underwriters..
Speaking further, Jankara also disclosed that NAICOM has banned all types of contract uncertainty .
He also revealed that pre sently, NAICOM now penalise insurance companies that cannot settle claims as at when due to insurance policy holders in the event of any financial loss and that NAICOM frowns at it seriously.
Jankara said that today, insurance companies now settle claims even before the foreign companies do so, adding that the reforms in the insurance industry have made it possible for insurance to thrive in the aviation sector.
He pointed out that synergy between the insurance industry and aviation sector is not inspirational but for the mutual benefit of both sectors.
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