Following the recent terrorists attack on a Kaduna- Abuja bound train carrying 398 passengers, the insurance industry may cough out about N119.4 million as insurance claims for passengers of the ill-fated train.
Credible sources from the Nigerian Railway Corporation (NRC) revealed that indeed the ill-fated train had Passengers-In-Transit Insurance coverage for the people onboard.
While the name of insurance companies which insured the train could not be ascertained as of the time of writing this report, there are strong indications that the insurance industry under the auspices of the Nigerian Insurers Association (NIA) is already discussing and engaging the concerned insurers to ascertain the level of coverage and plans to compensate the victims of the attack.
A credible source in the industry disclosed that Passenger-In-Transit Insurance policy, which could be embedded or a one-off purchase, covers death, permanent disability and medical expenses of those involved.
Further revelation shows that each passenger could be entitled to a sum of N100,000 to N300,000 claims each depending on the level of risk exposure as it also varies from one insurer to the other.
Using the N300,000 as the benchmark, the insurance industry could compensate the 398 passengers to the tune of N119.4 million cumulatively.
In an exclusive interview with LEADERSHIP, the chairman of NIA, Mr. Ganiyu Musa confirmed that, indeed, the train was insured and that the association was already collating the necessary details to know the extent of coverage and the companies that underwrote the risk.
Similarly, the chairman/CEO of Anchor Actuarial Services Limited, Dr. Pius Apere, said the passenger-in-transit insurance is usually known as a rider product, noting that if truly NRC had this policy in place, it should embark on awareness exercise to ensure that those concerned can file in their claims.
Earlier, the Nigerian Council of Registered Insurance Brokers (NCRIB) had condoled with the victims of the deadly attack on unsuspecting passengers of the Nigerian Railway Corporation (NRC) train facility.
Meanwhile, for the passengers involved in the incident, NRC, in a notice on its website, stated that “in the event of a train accident resulting into injury, permanent disability and or death, the claimant shall duly complete Personal Accident claim form for NRC passengers.
“The claimant shall bring all documents/evidence to any of the Nigerian Railway Corporation stations on the Abuja-Kaduna train service corridor, or the Head Office at Ebute-Metta, Lagos,” it pointed out.