Air India renews insurance for US$14m, 20% discount over last year
Air India has renewed its insurance cover for 2017-18 for US$14m, which is a 20% discount over 2016-17. The new policy cover came into force from Oct 1 and covers 142 aircraft of the carrier which includes 109 planes of Air India, 23 of Air India Express and 10 small planes of its regional arm Alliance Air. The sum assured, which covers passengers and hull liability, stands at $10.4b. Last year, the carrier had shelled out a total premium at $18.38m, which was 30% lower than the previous year's premium. Over the last 2 years, the disinvestment-bound airline has availed discounts of over 40% in its insurance premium. The largest non-life insurer New India is the lead insurer along with the other 3 state-owned general insurers, while AIG acted as the lead reinsurer along with 30-40 reinsurers across the world. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-10-06/star/air-india-renews-insurance-for-us-14m-20-discount-over-last-year
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Air India renews insurance for US$14m, 20% discount over last year
Air India has renewed its insurance cover for 2017-18 for US$14m, which is a 20% discount over 2016-17. The new policy cover came into force from Oct 1 and covers 142 aircraft of the carrier which includes 109 planes of Air India, 23 of Air India Express and 10 small planes of its regional arm Alliance Air. The sum assured, which covers passengers and hull liability, stands at $10.4b. Last year, the carrier had shelled out a total premium at $18.38m, which was 30% lower than the previous year's premium. Over the last 2 years, the disinvestment-bound airline has availed discounts of over 40% in its insurance premium. The largest non-life insurer New India is the lead insurer along with the other 3 state-owned general insurers, while AIG acted as the lead reinsurer along with 30-40 reinsurers across the world. <br/>
