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By Chinedu Eze
Nigerian airlines have called on the federal government to save them from the exploitative insurance premium they pay which, according to them, is the highest in Africa.
The airlines said the high premium was not justifiable because it takes a huge chunk of their revenues, because aviation fuel alone takes over 40 per cent of cost of operation.
The airlines faulted the system whereby Nigeria Insurance Commission (NAICOM) insists that they must insure their aircraft through Nigerian insurance companies, which partners the internatio
nal insurance companies to spread the risk, insisting that they would prefer to insure directly with the international insurers.Chairman of Air Peace, Allen Onyema, specifically, complained that the “insurance premium digs a hole” in the revenues of Nigerian airlines.
“The Insurance premium we pay here is very high and it is not something funny. Abroad, they pay nothing or close to little to get their fleet insured but over here the insurance takes a lot out of us. Again the foreign exchange, everything about aviation is computed in dollars. You and I know that from N160 to a dollar overnight it became N235, so what do you do? You must buy the spare parts in dollars, you must get every other thing you want to do in dollars because everything is computed in dollars. In fact some of your crew are paid in dollars if you have some foreign crew,” Onyema said.
But NAICOM had said that as a regulator, it has the duty to ensure that Nigerian insurance companies participate in insuring airlines in Nigeria because that is the way it is done in other countries.
भिडियो हेर्न तलको बिज्ञापन लाइ हटाउनुहोस
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