KARACHI, Jan 18: The public sector National Insurance Company (NIC) is expected to offer a total compensation of about Rs225 to Rs230 million against claims of about Rs300 million to nine government owned concerns for the losses suffered in four days arson, looting and plunder after Dec 27 bomb blast in Rawalpindi that killed PPP leader Benazir Bhutto and of scores others.

“Claims have been received from the National Bank of Pakistan (NBP), Pakistan State Oils (PSO), Sui Southern Gas Company limited (SSGL), Utility Stores Corporation (USC), Pakistan Television Corporation (PTV), Zarai Tarqiati Bank of Pakistan (ZTBL), State Bank of Pakistan, First Women Bank and Pakistan International Airlines (PIA),” a senior official of NIC informed Dawn.

The highest claim of about Rs100 million has been received from the PSO which reported burning and damage of more than its five dozen vehicles and damage to its various pumps plus two cases of putting on fire the oil being brought from the port terminals.

About Rs90 million is said to be claimed by the SSGL for burning of its 69 vehicles and more than 60 cases of fires that destroyed and damaged its installations in various parts of the province.

The NBP is said to be claiming more than Rs50 million for damage to its 87 branches in Karachi and other parts of Sindh.

“The bomb blast and loss of life was reported well after six in the evening of Dec 27 and the mob went violent after 6.30 or 7 in the evening when bank offices were closed and cash was put back from counter into safe vaults which are pretty fortified,” said an official to explain for not much losses in banks.

There were reports of attempts to break open ATMs which, however, proved futile in most of the cases.

The Utility Stores Corporation reported that 161 stores in Karachi and interior of the province were targeted for loot and plunder and has demanded compensation of more than Rs25 million.

At least in one case, the police in one of the small towns of Sindh complained against the manager of a USC store for being involved in plunder.

The PTV is said to have suffered losses of more about Rs10 from the damages to its installations in Tando Allahyar while ZTBL, FWB, PIA too have filed claims.

“Our surveyors are assessing losses,” a senior official disclosed who was confident that all these claims should be settled in next one week. The NIC offers insurance cover to government assets and according to a senior executive of the National Insurance, it does not take much time in compliance of formalities to settle the claims. The government concerns have to justify their losses to independent auditors. The NIC surveyors too carry out independent investigation to assess the losses.

It is in private sector where claim settlements take time. The private general insurance companies that are part of a big business conglomerate settle the claims from in-house companies without wasting much time. “But these companies take times when claims come from the companies that are closely or remotely related to their competitors,” an insurance source said.

The private insurance industry initially estimated a total loss of Rs3.22 billion with a warning “the above losses will easily double by the time all insurance claims have been accounted for,” to quote a senior executive of the insurance company. “These losses are still being quantified and monetised,” he said, adding that the picture that emerges now clearly tell us the highest claims are coming from vehicles, followed by burning and looting of transit cargo and finally the damage to property as about three dozen factories were attacked.