NAICOM assures prompt payment of compensation
THE nation’s insurance industry described last Sunday Dana Air Crash in Lagos in which all the 153 passengers and crew-members on board perished as the worst aviation disaster in the country.
In a condolence messages sent to the bereaved families by the industry represented by the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB), lamented the sad event and condoled with families of the victims and prayed for the repose of the souls of the deceased and courage for their families to bear the loss.
However, the National Insurance Commission (NAICOM) has assured members of the public that “the aircraft in question was properly insured and all reinsurance contracts were duly entered into. Seven local underwriters are involved in the business, we will ensure prompt payment of compensation.”
In a condolence message signed by the Commissioner for Insurance, Fola Daniel, said the National Insurance Commission (NAICOM) wishes to express its profound condolences to the families of those who lose their lives in the ill-fated Dana flight on Sunday.
“The management of NAICOM wishes to assure members of the public that the aircraft in question was properly insured and all reinsurance contracts were duly entered into. Seven local underwriters are involved in the business”.
While the Commission believes that no amount of money is sufficient to compensate for loss of dear ones, it will all the same, ensure that compensation as stated in the insurance contract between the airline and the underwriter was adequately paid to all beneficiaries of victims of the crash.
Similarly, the umbrella body of underwriters in the country said the Nigerian Insurers Association (NIA) joins all Nigerians in commiserating with the families of the 153 passengers and crew who lost their lives in the Dana flight 9220 which crashed in Iju, a suburb of Lagos on Sunday few minutes before it was scheduled to land.
In a statement by the chairman, Olusola Ladipo-Ajayi, said: “The NIA commiserates with all the families of the 153 passenger and crew and prays that God in His infinite mercy will give them the fortitude to bear the loss.” The incident is considered a great loss to the human capital needs of economy.
The NIA helmsman also urged that Government and its relevant Agencies in the aviation sector to ensure that needed investigation is conducted with a view to unveiling the cause of the unfortunate incident.
He stated further that the Nigerian Insurers Association implores the government to implement the recommendations that may come from the investigations which will prevent a re-occurrence.
Also, the Nigerian Council of Registered Insurance Brokers (NCRIB), commiserated with families of victims of the ill-fated Dana air crash describing the incident as a colossal loss to the nation.
The NCRIB in a statement issued by its President, Barrister Laide Osijo, described the crash as a national calamity that was capable of stultifying the growth and development of the Nigerian nation.
She noted that the crash, which claimed many Nigerians in the active population strata was quite disheartening and called for enhanced regulatory laws in the aviation industry.
She said that it was heartening that the aircraft was adequately insured giving a ray of hope in form of compensation for the victims’ families to mitigate the calamitous losses.
Osijo utilised the opportunity to underscore the place of insurance in the mitigation of material and human losses when it was least expected to happen and admonished Nigerians to embrace it for their benefits.
The Guardian, however, gathered a consortium of seven underwriting companies led by Prestige Assurance Plc, have already notified their local and international reinsurance companies of the accident, and they are expected to pay over $15.3 million (aboutN2.48 billion) compensation to the families of all 153 passengers on board Dana Air flight 0992 that crashed in densely populated residential area in Iju-Ishaga area of Lagos State last Sunday.
Besides, the insurance company liability for the flight captain and co-pilot stands at $250,000 each. Each of the six cabin crew members is entitled to $150,000.
An industry chieftain who sympathised with the families of the victims, regretted that it was the worst air disaster in the history of Nigeria. According to him, it is a clear indication of failure and negligence of relevant regulatory bodies in the aviation sector due to corruption.