According to reports, the ill-fated Pakistan International Airlines aircraft that crashed last week in Karachi, killing 97 passengers and crew on board, was insured for $19.7 million as per airline documents.
The documents on PIA’s website show that it was insured by the National Insurance Company Ltd. and Marsh was the insurance broker for PIA’s annual policy. According to the information available, the policy is valid till 29th December of this year.
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Sources at the Insurance industry have said that the insurance has been reinsured into the international reinsurance markets.
One source close to the matter said that the lead reinsurer in this case was AIG.
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When approached for a comment on this, AIG did not respond immediately.
What do you think? Let us know in the comments below.
As I understand it, the insurance payout goes to the company that owned the aircraft and leased it to PIA, and does not go to PIA.
A fact that has been conveniantly overlooked by the writer, and which, therefore, creates the mistaken impression that PIA stood to benefit.
The aircraft insurance amount will go to the owner, not PIA as this was a leased aircraft.
PIA also maintain passenger insurance policy and every deceased passenger’s closed one will get Rs. 5 Million, out of which Rs. 1 Million had already been paid to the closed ones of identified passengers.
Sell PIA.
Give the affected and deceased more than the mere 10 lac approved.
Use the rest to make loan payments.
We dont need PIA anymore.