Nigerian Airlines Grapple with High Aircraft Insurance Premiums Despite Improved Ratings
Despite Nigerian airlines' improved ratings with lessors, they still struggle with exorbitant aircraft insurance premiums, reaching N15 billion last year. The high costs, compared to international standards, are attributed to market risks and the country's perceived high-risk status.
Efforts by the Nigerian government and industry players like AerCap have aimed to lower premiums, but uncertainties remain due to market fluctuations. Sunni Adeda of Alpha Choice Insurance Broker highlights the dependence of premiums on market conditions and risks.
The aviation insurance market faces challenges in reducing costs for Nigerian carriers, impacting their operational expenses.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigerian Airlines to Spend $2bn on Overseas Aircraft Maintenance in 2026
Nigeria Airlines Chairman: Profit Margin Less Than 5% Amid Airfare Hikes
Nigerian Airline Operators Demand Tax Cut to Lower Airfare Prices
Nigeria's Aviation Industry Faces Growth Challenges Despite Reform Efforts
Nigerian Airline Operators Concerned Over New Tax Laws' Impact on Profitability
Nigerian Passengers Face Humiliation in Aviation Experience
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
