Prestige is the local insurer controlling 30 percent of the risk, while Aon of London controlled 70 percent for the international market | By Eki Toju
Investigations have revealed that a Nigerian-based Indian Company, Prestige Assurance Plc, insured Dana Airline MD-83 with registration number 5N-RAM which crashed on Sunday, killing all passengers aboard.
Prestige Assurance is the local insurer controlling 30 percent of the risk, while Aon of London controlled 70 percent for the international market.
Investigation further revealed that the value of the risk is placed at $4.5 million for haul, while combined single limit is put at $350 million, all put together at $354.5 million.
Aon is a multinational corporation that provides risk management services, insurance and reinsurance brokerage, human capital as well as management consulting. The company was rated the world’s largest reinsurance broker in terms of revenue in 2011. Its headquarters is in London, United Kingdom.
The risk associated with airline operation cannot be handled by one insurer because of its huge financial implication, which can be measured in the number of losses that have cost insurers hundreds of millions of dollars.
