It will be interesting to see how this affects travellers and if it will booster the Insurance Industries revenue profile.
The Federal Government on Thursday said it had developed a new Victim Family Insurance Package in a bid to address the delays in payment of insurance claims by airlines whenever an air crash occurred.
Speaking at a press briefing and stakeholders’ forum on aviation safety in Abuja, the acting Director-General, Nigerian Civil Aviation Authority, Mr. Joyce Nkemakolam, said the VFAP would serve as additional assistance to families of victims of aircraft accidents.
He said the Nigerian Insurance Commission had approved the VFAP, the proposal of which was submitted by a Deposit Money Bank, and that discussions were ongoing between the government and the bank on the implementation of the insurance package.
He said, “However, passengers are required to pay a premium of N600 only, which will be embedded in the ticket charges. This initiative is something we must do because we discovered that most times, families of victims of air crashes are traumatised.