Prestige Assurance pays $5.7m claim on Dana Air crash

Underwriting firm, Prestige Assurance plc, with the support of local co-insurers and facultative reinsurers, has paid out $5.702.098 million towards the settlement of claims arising from the insurance of Dana Air that crashed on June 3, 2012.

The claims, which cover passengers liabilities, crew member, third party property damage, legal/adjusters fees, have been agreed with the supervisory support of the National Insurance Commission (NAICOM).

Management of Prestige, who disclosed this in chat with BusinessDay, yesterday, said as of May 31, 2015, out of the 153 people on board, including 147 passengers and six crew members, the estates of 53 passengers have received interim settlement, another 69 have been fully compensated, while the others are at various stages of completing their documentation.

“Of the six crew members, five of them, including the American pilot, have been fully compensated, while the other person has taken interim payment,” says Chandrakant Kale, general manager, risk control, Prestige Assurance plc.

“We also acknowledge the professionalism of our foreign partner and reinsurers who reinsurered and settled their 70 percent share for all claims paid amounting to about N13 million dollars,” according to Kale.

As a reputable player in the Nigerian insurance community, we assure our numerous customers and the general public that all claims will be settled as soon as all legal formalities are completed in order to protect their interest, he said.