Insurers face major payouts for Spanish train crash

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Insurers face major payouts for Spanish train crash

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German insurance company Allianz faces a big bill for compensation payments following the deadly train crash in northern Spain – that includes death benefits, disability and medical costs associated with accident.

Allianz is the insurer carrying personal accident policies for passengers, which are compulsory for travellers on the Spanish rail system.

Under the policy terms, Allianz will pay a minimum of 36,000 euros for every person who died in the crash.

Allianz representatives are reported to have already visited the crash site.

Ivan de la Sota, the CEO of Allianz, expressed his “solidarity with the victims” and conveyed the company’s deepest condolences to the families of those who died.

The overall liability insurer is Australia’s QBE, via its Spanish office, which faces a bill of at least 450,000 euros.

Its policy covers the rolling stock and railway infrastructure as well as passengers’ possessions and any freight on board the train.

The bank guarantee for the insurance companies is provided by Spain’s BBVA.