Four years after a Lagos-bound Dana Air aircraft from Abuja, crashed into a two-storey building, at the Iju-Ishaga area of Lagos, insurance companies were still battling to settle the claims as four of them paid about N942.26 million in 2016 on the disaster which happened in 2012.
Available Data revealed that Prestige Assurance Plc. the lead underwriter paid about N804.7 million, while NEM Insurance Plc. paid N100.63 million; AIICO Insurance Plc. paid N31.79 million and Standard Alliance Insurance Plc. paid N5.14 million.
According to the Nigerian Insurers Association (NIA), 41 insurance companies posted N19.59 billion gross premium income from Marine and Aviation business and paid N6.51 billion claims in 2016.
The association noted that NEM Insurance recorded the highest premium amounting to N1.19 billion, followed by Consolidated Hallmark Insurance, N1.85 billion, while the largest claim was paid by Prestige Assurance Plc, amounting to N866.73 million.
Fola Daniel, who was the Commissioner for Insurance when the crash happened, said the crash was the biggest challenge he faced as Commissioner, adding that it was a national calamity.
“I felt distraught about the huge casualty. I had apprehension about response of insurers to such a huge loss given the untidy circumstances surrounding the insurance protection of the aircraft.
‘’But today, am proud to say that the industry acquitted itself most satisfactorily, culminating in rancor free settlement of liability which accrued to the local market,” he said.