At the Forefront of Aviation Insurance Advocacy – The 4th Chinet AviaCargo Conference

From L-R: Chief Babajide Olatunde-Agbeja, Chairman Boff & Co. Insurance Brokers Ltd; Mr. Shadrach Adegoke of AIICO Insurance Plc; Mr. Ikechi Uko the conference organizer; Mr. Segun Omosehin, the commissioner for insurance; Ms. Omowale Olatunde-Agbeja, Acting MD, Boff & Co. Insurance Brokers Ltd; Mr. Abedeen Musa, ED, NSIA Insurance Co. Ltd. and Mr. Jimalex Orjiako, ED, Consolidated Hallmark Insurance Co. Ltd.

On Thursday, August 22, 2024, Boff & Company Insurance Brokers Limited played a pivotal role at the 4th Chinet AviaCargo Conference, which took place at the Lagos Marriott Hotel. The event, themed “e-Commerce and the Future of Air Cargo in Africa: The Building Blocks,” brought together key players from aviation, cargo, insurance, and regulatory bodies to address the challenges and opportunities within the industry.

Since its inception in 2021, the Chinet AviaCargo Conference has solidified its position as the premier and only air cargo event in West Africa. Boff & Company Insurance Brokers has been an active participant from the beginning, showcasing our unwavering commitment to the aviation sector and our dedication to promoting the critical role of insurance within it.

Our Chairman, Chief Babajide Olatunde-Agbeja, who also moderated the insurance panel which kicked off the event, set the tone for the discussions, emphasizing the importance of insurance in mitigating risks associated with aviation and cargo operations. Throughout the conference, several industry leaders reiterated the significance of insurance in safeguarding against the various challenges that the aviation sector faces.

Chief Babajide Olatunde-Agbeja’s involvement in the event underscores his consistent advocacy for comprehensive insurance coverage, which allows businesses to operate with confidence. This commitment to effective risk transfer mechanisms has long been a cornerstone of Boff & Company’s service offerings, ensuring that our clients are well protected from the uncertainties inherent in the aviation industry.

One of the highlights of the conference was the contribution of our Acting Managing Director, Ms. Omowale Olatunde-Agbeja, who was one of the insurance panelists. She initiated the discourse about the adequacy of capacity within the Nigerian Insurance Market and took the time to explain that any prudent

insurer will underwrite only a fraction of any aviation risk, to limit their liability in case a severe loss occurs. The full exposure of the aviation operator’s liability is covered by multiple insurers, with each underwriting a fraction of the risk. Participants were also made to understand that collaboration and backing up future liabilities is a norm within the insurance industry, as reinsurers also purchase reinsurance (called retrocession) in an unending cycle of spreading risk.

During the conference, the Commissioner for Insurance and Chief Executive Officer, NAICOM – Olusegun Ayo Omosehin – delivered a thought-provoking speech highlighting the critical role of the insurance sector in Nigeria’s economic framework. He stated, “The insurance sector is a critical part of any nation’s economy and has the potential of galvanizing the optimal performance of other sectors. It is therefore imperative to plant ‘Insurance’ at the centre of any equation designed to enhance, sustain, and facilitate economic growth and development of any country.”

Our Chairman at the 1st Chinet Conference in 2021

Omosehin also referenced Chief Babajide Olatunde-Agbeja’s earlier contributions at the inaugural Chinet AviaCargo Conference (2021), where our Chairman presented a paper on “Insurance and Aviation in Nigeria.” In this presentation, Chief Babajide Olatunde-Agbeja elucidated the concerns of Country Risk, particularly within the aviation sector saying, “It has been observed over time that customers’ behaviours change due to changes in many controllable and uncontrollable factors. This is further amplified by many environmental changes that are not only imminent but also peculiar to the aviation industry.” He emphasized that the Nigerian insurance sector is uniquely positioned to understand these patterns, behaviours, and risk profiles, ultimately serving the best interests of the insuring public and businesses in Nigeria while drawing support from reinsurers.

Dr. Daniel McKorley, Chairman of the McDan Group, delivered an inspiring speech where he shared his journey from road transportation to becoming a successful entrepreneur. He recounted how he made his first million dollars at the age of 28 by selling maize. However, he also highlighted a significant setback when he lost a warehouse, an experience that taught him the importance of respecting insurance. Dr. McKorley strongly advised the audience to use local insurance companies, stressing that this approach allows businesses to maintain control. “We have associations and companies who are agents for foreign firms, but when do we take control of our own business? If you don’t control the air and sea, you don’t have a business.”

Further enriching the discussions, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), reiterated the government’s commitment to the growth of the Air Cargo sector in the country. He pointed out the establishment of a dedicated Cargo Directorate within the Federal Airports Authority of Nigeria (FAAN), which aims to streamline operations and enhance infrastructure by stating that “a vibrant cargo sector offers numerous benefits to our economy. With the right infrastructure and regulatory environment, our agricultural exports can reach global markets faster, fresher, and more competitively”.

The conference also provided an opportunity for us at Boff & Company to reaffirm our dedication to advancing the aviation industry through robust insurance solutions. Our extensive experience and deep understanding of the aviation sector allow us to offer tailored insurance products that address the specific needs of our clients, enabling them to focus on their core operations with confidence.

As one of Nigeria’s foremost insurance brokers, we have an established reputation for helping businesses achieve effective risk transfer and recover swiftly from losses that would otherwise pose significant disruptions to their operations. We consistently work to bolster the sustainability and resilience of Nigerian businesses, particularly within the volatile economic landscape. This example is a testament to the expertise and dedication that we bring to the table, ensuring that our clients can confidently navigate the complexities of the aviation industry.

Our Chairman at the 3rd Chinet Conference

Our involvement in the Chinet AviaCargo Conference since 2021 underscores our commitment to driving home the importance of insurance in the aviation sector. We have actively collaborated with stakeholders across the industry to foster a knowledge-exchanging environment, through which businesses can thrive, protected by comprehensive and reliable insurance coverage.

Our Chairman at the 2nd Chinet Conference

Partnering with Boff & Company Insurance Brokers Limited is an excellent opportunity for businesses in the aviation and cargo sectors to ensure their operations are protected. With our extensive expertise in risk management, we provide tailored insurance solutions that offer peace of mind. Consider reaching out today to discover how we can support your business with top-notch.

For more information, please reach out to us at boffbrokers.com/contact.