Following the recent crash of a Dana aircraft, the Chartered Insurance Institute of Nigeria has said that insurance firms will decide on the need to raise premium.

The CIIN President, Dr. Wole Adetimehin, said this during a press conference on the rescheduling of the institute’s international education conference.

Adetimehin said, “When the time comes for companies to review their aviation insurance contracts, we expect a review of premium rate in the policy.”

The CIIN boss, however, assured that the insurance companies were going to respond promptly to the claims of those affected in the policy.

While praying for the families of victims of the crashed plane to have the fortitude to bear the losses, he described the mishap as another incident that engendered a critical test of the efficacy of insurance.

He said, “Since the occurrence of the crash, our industry has continued to be in focus, and I believe we cannot shy away from the provision of information necessary for assuaging the fear of skeptics. Let me affirm, in line with the National Insurance Commission, that the industry will play its expected role by paying the claims.”

Adetimehin explained that CIIN decided to change the date for its conference due to compelling circumstances.

Although, there were remote logistic factors leading to the postponement, he said they were reinforced by other national issues.