Tuesday, October 03, 2006

Public, private insurers to jointly cover domestic airlines

Mumbai: More consortia participated by both public sector and private sector general insurance companies (GICs), are now providing cover to the domestic aviation industry.
Recently, a consortium of public-private sector insurance companies had bagged the insurance cover for Delhi based IndiGo Airlines. The airline would pay a premium of Rs 3-4 crore for insuring its fleet during the current year.
Earlier, a consortium led by New India Insurance had got the insurance cover for Air India, which would pay a premium of $15 million for insuring its fleet. The four state-owned GICs — Oriental Insurance, National Insurance, New India Assurance and United India Insurance are also jointly bidding for the Indian Airlines’ account.
The total premium out of the aviation industry has almost doubled to Rs 350 crore during last two years.
02/10/06 Sagar Malviya/Financial Express
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