In a bid to play significantly in the insurance industry retail space, Universal Insurance Plc has keyed into the Passengers Manifest Scheme (PAMS) project of the Nigerian Union of Road Transport Workers (NURTW) as the official insurer of the scheme.
With the partnership, Universal Insurance will be the official insurer of all the passengers and drivers under the scheme.
The PAMS initiative is designed to ensure that passengers travelling by road across the country have their names authenticated in the union’s digital manifest and are covered with genuine insurance policy.
In event of an accident, passengers who sustain injuries are treated in the designated hospital near the location of the incident and in case of death, or permanent disability; the Universal Insurance will pay compensation to the victim or to the next of kin of the deceased respectively.
Speaking to journalists during the launch of the project, Mr. Ben Ujoatuonu, Managing Director and Chief Executive Officer, Universal Insurance Plc said as the official insurance company of PAMS, the company will do everything within its powers to support the scheme as well as ensure prompt settlement of claims. He said the scheme will go a long way in improving insurance awareness and penetration in the country.
He said, “This scheme is intended to ensure safety on the road and provides benefits to the passengers and the driver in event of an accident. The benefit is in the position of death, permanent disability, and medical expenses to both the passengers and the driver in an event of an accident.
“For those, who because of the injuries sustained, become permanently disabled, there is an insurance package by Universal Insurance to make compensation to them. Unfortunately most of the accidents on our roads result to death, in such a situation the next of kin of the deceased also receive compensation from Universal Insurance”, he said.