Nigerian carriers criticize the insurance commission

Nigerian airlines have accused the National Insurance Commission (NAICOM) of charging unnecessary high commissions acting as brokers between then and Lloyds. The airlines, which currently pay between $300,000 and $400,000 annually on insurance premiums, say that they do not need any middle men since airlines in other countries negotiate directly with Lloyd to insure their fleet. They claim that NAICOM has imposed itself on the airlines and ensures that they pay higher premium so that insurance companies under NAICOM would earn high commission.