Aviation insurance is costly

Airliners and the ministry of transport are both complaining about the high cost of aviation insurance, accusing insurers of overestimating this risk in Nigeria. That is why, premiums paid locally by air carriers are considered too expensive. They are higher than those in force in most of the other countries of the continent.

Nigeria is standing in 12th position in terms of aviation safety in Africa. Insurance costs are deflected on to consumers who pay dearly for their tickets. The National Insurance Commission (NAICOM) is committed to pushing hard on insurers to lower rates.