Airlines Suffer Billions in Losses Due to Lack of Airport Insurance in Nigeria

Nigerian airlines face significant financial losses, estimated at N15 billion annually, due to damages incurred at airports that are not insured. Managing Director of Overland Airways, Captain Edward Boyo, highlighted the need for proper insurance coverage for airports to mitigate losses from aircraft damages, including bird strikes.

Boyo called on the National Insurance Commission (NAICOM) to enforce compulsory insurance coverage for state assets like airports. The lack of insurance coverage poses a threat to airline operations and financial sustainability, emphasizing the importance of regulatory intervention to protect industry stakeholders.