The Libya Aviation Forum 2022 (6 to 8 November at Tripoli’s Corinthia hotel) needs to come up with actionable recommendations to help activate the aviation sector which can help activate numerous other sectors of the Libyan economy, Deputy Transport Minister Khaled Swesi said in the events keynote and opening speech. He said the aviation sector is vital for several other sectors.
International provision of aviation insurance for Libya
Khaled Alabed, Aviation Insurance Manager at Libya Insurance, Libya’s largest insurance company, said international insurance and reinsurance companies ‘‘had lost the appetite for providing cover for Libya’s aviation sector’’. This has left only a few players which has reduced competition.
He provided a formula for Libyan airliners to help attract more insurance companies. This included visits to London (the centre of world insurance), providing more detailed data about their assets, personnel and activities and paying premiums on time. He prescribed that better data can lead to better insurance and lower premiums. Good data attracts A-rated insurance companies.
Lifting the EU flight ban on Libya
He said the lack of timely finance by the government is contributing to the lifting of the EU flight ban. Alabed insisted that no one Libyan entity can lift the EU flight ban on Libya. He said it needs to be a joint effort by Libyan insurance companies, airliners, the civil aviation, and the Libyan government. This joint effort would reduce Libya’s aviation insurance premiums.