Organizer’s of the first ever Aviation and Cargo Conference in Nigeria, CHINET have Congratulated Chief Babajide Olatunde-Agbeja of BOFF & Co Insurance Brokers on his election as the new President of the African Insurances Brokers Association AIBA.
Chief Olatunde-Agbeja, the partner for the Aviation and Cargo Conference is a thorough bred Insurance guru of many years and an experienced aviation insurance expert.
This is as the organisers announced that the second edition of the event will hold on the 7th and 8th of September 2022 in Lagos. This year’s event with the theme: “The Role of Insurance and Regulation in Growing Aviation and Cargo Business in Nigeria”, is expected to build on the successes recorded at the last event and also address the challenges thrown up during the last conference.
The last Communiqué threw up many challenges and observations which will be addressed at this year’s event. It was observed that Nigeria is still categorized as a high risk country for Aviation. The insurance premiums for airlines operating in Nigeria are higher than in other country. This increases the cost of doing Aviation Business in Nigeria. Furthermore, stakeholders opined that the National Insurance Commission (NAICOM) should fine-tune their tier-based proposal for insurance companies so that their risk appetite will be determined by the capital they deploy for business.
And Insurance practitioners should start to specialize for improved technical knowledge and robust underwriting of aviation policies. In addition, stakeholders at the first edition of Chinet noted that Nigerian laws on cargo exportation and importation are not in tandem with the development around the world. This is giving investors a massive challenge and is killing cargo exportation in the country. Moreso, over regulation in Nigeria’s export environment is inhibiting the growth of the sector.
Insurance is an integral aspect of any business ecosystem and plays a vital role in mitigating the inherent risks associated with running the business, especially as it relates to aviation and cargo. Nigerian airlines have been a victim of high insurance premium due to some factors bedevilling the aviation sector. There is growing complaints of exploitation of Airlines by Nigerian Insurance Companies.
Nigerian Airlines allege that the law preventing Nigerian Airlines from using foreign insurers is prohibitive and is now a weapon of intimidation by Nigerian Insurers who lack the capacity to insure a brand New Aircraft but charge high premium. It is alleged that Nigerian Airlines pay the highest Premiums in Africa.
The role of Air Accidents and Investigations on high Insurance Premiums will be examined and addressed. Chinet Aviation Cargo Conference is an Annual Conference that brings exporters, Cargo Managers, Logistics firms, Airlines, Airport, Customs, Insurance firms and everyone in the Aviation and Cargo ecosystem to Chart a pathway that enables Nigerians to export more through Airports.
According to Ikechi Uko the Publisher of Atqnews, “We learnt a lot from the last event and are planning to work on the observed issues to help improve the situation. We have already engaged stakeholders to find a profitable route to growing and scaling the Aviacargo Value Chain in Nigeria through the Airports.”
The 2022 Chinet conference will bring experts to help exporters take advantage of the emerging availability of Capacity and Airports to grow export capabilities.
The event has been broken into 3 Sections, 1.The Role of Insurance in Aviation. 2. The inherent Opportunities of Cargo Airports to support Export in Nigeria. 3. The Regulation of Air Cargo in Nigeria.
The session on airports will give all the cargo airports in Nigeria to make a presentation on their capacities and inherent opportunities at the airports.
In 2022 over 6 new Cargo Airports have opened or about to open across the Country most owned by States. What is the enterprise plans for these airports? How will they grow Aviacargo using their business plan?
The 2022 edition will have foreign participants for the first time.