Saturday, July 22, 2006

Pvt insurers rush to cover Indian

Mumbai: After failing to win the Air-India insurance deal, private sector insurance companies have rushed to bid for another state-owned Indian insurance deal. The sum assured of state-run carrier Indian’s present fleet is about $2 billion and the renewal is due on October 1. While the state-owned general insurance companies have repeated their alliance for bidding for the Indian account, top private sector general insurers including ICICI Lombard General Insurance, Bajaj Allianz General Insurance and Iffco Tokio General Insurance are competing for the deal independently.
Meanwhile, Indian officials have said that the criteria for selection of the insurer for Indian would be the insurer’s ability, financial strength, experience in the aviation insurance and re-insurance market, loss paying capability and claim settlement history.
Indian’s current aviation insurers are New India Assurance Company and other state owned general insurers.
22/07/06 Neelasri Barman/Financial Express
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