- As Ibom Air set to receive Best Airline in Nigeria 2020 award
CHIEF Executive Officer of Ibom Air Capt Mfon Udom has advocated the need to tweak the insurance laws to enable airlines deal directly with underwriters as indigenous insurance companies do not have the capacity to completely insure a Nigerian airline.
Capt Udom said this when he received Ambassador Ikechi Uko, Organiser of Akwaaba African Travel Market at the Head Office of IbomAir in Uyo to invite IbomAir to the 2021 Edition of Abuja Jabamah where IbomAir will receive the award as the Best Airline in Nigeria for the Year 2020.
He also canvassed help grow capacity of indigenous insurance companies to enable them completely handle aviation risks as foreign insurance premium keeps rising due to presumed risks.
He said,” The system at play now does not help the industry and the passengers are paying the price. Even the Nigerian economy is not benefiting from the current situation”.
Captain Udom harped on the weak capacity of Insurance companies in Nigeria stating, “No Insurance Company is able to completely insure a Nigerian Airline. Then the Reinsurance arrangement creates 3rd parties and Brokers that Prevents efficient underwriting arrangements”.
He wants the government to force the insurance companies to scale their capacity and maybe tweak the law to allow airlines deal directly with underwriters.
Speaking on the Challenges the airline faced in its 18 months of operation Capt Udom said that the Covid19 lockdown almost derailed the trajectory of growth for the airline.
He said that the aviation company is back to the original path after covering up the gaps identified and will soon be announcing good results. The patronage has improved and today the airline has the best Ontime Performance in Nigeria.
Capt Udom while thanking Ambassador Uko for the privilege, told the team that Ibom Air has done very well so far because it kept to its business plans, hired the best staff available and did not chase opportunities.
“The vision of the State Governor is to create a hub in Uyo, create jobs and generate economic activity for the state. Our success is because of the vision. We are happy with the honours that we have earned after providing good services to our passengers”.