AIICO insurance PLC has said that its new Domestic Air Travel Insurance (DATI) would cushion the effects of risks that might occur from flights taken within the country.
Mr Segun Olalandu, AIICOs Head, Strategic Marketing and Communications, told the News Agency of Nigeria (NAN) on Wednesday in Lagos that the product was released into the market in July.
The AIICO spokesman said the product also targeted attracting more Nigerians to board domestic flights without anxiety.
Olalandu said the new insurance product was basically for the personal benefits of domestic air travellers.
“It underwrites medical expenses from air mishap, flight cancellations and baggage loss and flights delays among others as defined by the policy.
“The policy is never a substitute for the obligations of Airline Operators to customers as provided by the Nigeria Civil Aviation Laws and Regulations.
“It is only a benefit policy, an individual plane passenger can take for his or her own comfort,” he said
The AIICO official added that the company was planning to evolve more insurance products to cover new grounds.
He said the unique services provided by the underwriting firm to citizens had enhanced it to pay over N90 billion as claim in the last five years.
Olalandu also said the customer-centric product innovations, sustained investments and automation of sales force had continued to yield dynamic results for the underwriting firm.
Giving 2019 half year report, olalandu said AIICO recorded a strong growth in its retail life business.
“The company’s retail business grew by 47 per cent to N15.5 billion in the period under review from N10.6 billion it recorded in first quarter of 2018.
“The company also recorded a growth of 14 per cent in corporate and institutional business to N9.5bn in the same period from N8.2 billion recorded in first quarter of 2018,” he said. (NAN)