Allianz, an insurance company from Germany, would deal with a huge bill for compensation payments after the deadly train crash that happened in Spain. Allianz would provide death benefits and disability and medical expenses related with the accident.
Allianz is the current insurer that carried personal crash policies. This was required for Spanish rail system's passengers. Under the policy conditions, Allianz would pay Eur36,000 for each individual who died in the accident. According to reports, the insurer already visited the crash location.
Australia's QBE was the overall liability insurer. The minimum bill that it would face amounts to Eur450,000. The policies of the company covered the rolling stock and infrastructure of the railway. It also covered all the travellers' possessions and any cargos that were loaded on the train. Spain's BBVA provided the bank guarantee for the insurance corporations.
Approximately 600 corporations operate the Spanish railway sector. 228 of these corporations were dedicated to the railway products and services. An analysis published by ESTACOM in 2011 showed that Spain's exports of railway equipment amounted to Eur479.94 million, 3.3% higher than the previous financial year. Also, Spain partnered with Russia for an investment worth U$450 billion by 2030. However, with the problems posed by the tragedy, insurers and other investors were expected to reassess their deals within the country's railway industry.
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