Dr. Wole Adetimehin, the President of Chartered Insurance Institute of Nigeria (CIIN), on Wednesday said total claims payment to families of the Dana plane crash victims and others might be as high as 100 million dollars (N15.5 billion).
Adetimehin told the News Agency of Nigeria (NAN) in Lagos that the worth of the plane, the passengers, third party liabilities and consequential losses would need to be quantified.
He said that consequential losses had arisen due to the fact that the airline had been grounded, adding that, ``whereas at the beginning of the year, the company has planned to work without any interruption''.
Adetimehin said that there would also the loss of income following the crash and the loss would continue until the aircraft was replaced.
“This will continue until the staff get back to work and until the company gets back to the pre-crash income level.
``As we are talking, the magnitude of Dana plane crash is so severe and when quantified it will run into millions of dollars,'' he said.
The CIIN president said that the claims would be colossal, adding that the situation called for an efficient risk management to get over it.
Adetimehin said the loss would affect the global insurance market, saying that only a fraction of the risk was kept locally.
The CIIN president said that the industry would need time to collate the losses and come up with a final figure.
He said that some specialised loss adjusters, vast in aviation insurance, would be brought in for the job.
Adetimehin said that the limit for each passenger was $100,000 (N15.5 million), but the loss adjusters would be involved in assessing the aircraft and third party liabilities.