Improvements in travel insurance terms

The Nigerian Civil Aviation Authority (NCAA) has negotiated a new passengers’ insurance scheme with private insurers. In the event of accident, this system allows for a better indemnification of passengers.
By virtue of the new agreement, an additional 20 to 50 million NGN (127 180 to 317 950 USD) will be disbursed for the victims’ relatives by private insurers in addition to the 13 million NGN (82 667 USD) of benefits per passenger, paid by airliners as liability. A 1000 NGN (6. 359 USD) tax will be levied on plane tickets for this purpose.
Insurers keen to adhere to this scheme are required to meet some criteria: to have minimum capital of 10 million NGN (63 590 USD), deposit 5 million NGN (31 759 USD) in bonds at the central bank, …

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