The product will be offered to passengers on domestic flights at a premium of Naira 1,000 (US$2.30) per flight and offers compensation in the event of flight cancellation or delay, baggage loss or damage, as well as coverage for medical expenses for accidents or permanent disability during the journey.
“Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years old named in the travel manifest per flight.” In a statement, Mr Segun Olalandu, Head of Strategic Marketing and Communications at AIICO. “With the assurance that inconveniences suffered because of unforeseen flight cancellation, delays, missing or delayed baggage shall be compensated.”
Mr Olusanjo Shodimu, AIICO’s Chief Information Officer, said that purchase of the insurance policy was integrated into the Air Peace ticket booking process, and added that AIICO would aim to provide compensation for passengers within ‘three working days’ of a completed claim.
Elsewhere, Kenyan insurance technology start-up Turaco secured $10 million in funding Series A equity round in late September.