Saturday, February 24, 2007

AI aviation insurance renewal in July

Thiruvananthapuram: Air-India has begun the process of renewing the aviation insurance policy for Air-India and Air India Express, which is due for renewal from July 1.
The national carrier has invited bids from public and private insurance companies for renewing the policy. Four public sector companies and eight private sector companies are in the fray to bag the insurance cover this year, a top AI official at the airline headquarters in Mumbai told The Hindu . The AI insurance cycle runs from July 1 to June 30. A consortium of public sector insurance companies led by New India Insurance had bagged the contract last year. Ninety per cent of the risk was placed in the International Lloyd's market, the official said.
The average fleet value of the national carrier is estimated to be $ 3.5-4.5 billion with AI's massive fleet acquisition programme on. Its fleet is likely to go up from the existing 48 to 59 by 2007-end. The official said the national carrier estimated an excess of five billion passengers in Air-India and Air India Express, the low cost carrier, during July 2007-June 2008 period.
24/02/07 S. Anil Radhakrishnan/The Hindu