ICICI Lombard wins NACIL insurance contract

Mumbai: Insurance major ICICI Lombard has won the bid to insure the non-aviation businesses of the National Aviation Company of India Ltd (NACIL), in which state-run Air India and Indian have merged, a senior NACIL official said.
ICICI Lombard's exposure value this year is Rs 1,800 crore as compared to around Rs 1,500 crore last year, the official said, adding "intense competition was witnessed during this year's bidding."
The contract was given to ICICI Lombard early last week. NACIL has managed to obtain a 20 per cent reduction in premium as compared to last year, he said, but declined to divulge the figure.
Eight companies, four each from private and public sector, had bid for the contract to cover NACIL's non-aviation businesses comprising the company's buildings, equipment, furniture and other items which do not pertain to aircraft.
It also includes motor vehicles of which "we own a sizeable number," the official said.
02/03/08 PTI/Economic Times

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Categories: NACIL Mar 2008