Aviation insurance rates poised to rise

Nigerian aviation has sustained five aircraft crashes and two serious incidents in the past 16 months, the most publicized of which was Dana Air’s June 2, 2012 crash which claimed the lives of 153 passengers.

Due to repeated claims, specialized insurers and reinsurers are assessing the Nigerian aviation sector as a very risky and will increase their rates for the next renewal. Leasing companies have already announced a price increase of aircraft lease.