Bangladesh: Airline receives compensation for crashed plane
Source: Asia Insurance Review | May 2018
State-owned Sadharan Bima has paid $0.7m in the first tranche of the compensation payable for the US-Bangla Airlines plane that crashed in Kathmandu on 12 March.
As the reinsurer, Sadharan Bima handed over the money to the primary insurer Sena Kalyan Insurance which would compensate US-Bangla Airlines, reported The Daily Star.
With this, the airline has received $4.87 of its claim of $7m with local and global insurers. Sadharan Bima will disburse the remaining $1.42m soon, according to Islam.
The 76-seater Bombardier had 71 people, including four crew members, on board when it crashed into a football pitch near Kathmandu’s Tribhuvan International Airport. Fifty people were killed. Of them, 27 were Bangladeshis, including all four crew members, 22 Nepalese and one Chinese.
As for passengers, civil aviation and tourism minister AKM Shahjahan Kamal said that the families of those killed in the crash will receive at least $50,000 each in compensation. Those injured in the crash will be compensated based on their medical bills.
US-Bangla Airlines took up insurance coverage of $107m through Sena Kalyan Insurance and Sadharan Bima. Of this sum, $7m was for the aircraft and $100m for passengers. Of the liability, about 1% was shared between Sena Kalyan Insurance and Sadharan Bima while the balance was reinsured with foreign insurance companies. A