Mumbai: Debt-ridden state-owned carrier Air India has got some relief as it needs to pay 12% less insurance premium this fiscal year. The national carrier, which had to pay higher insurance premiums in the last two years, completed its insurance renewal in London market recently by paying $26.5 million. This will cover liabilities up to $8.5 billion against $30 million of premium in 2010-11. The insurance will cover 150 planes, passengers and third-party victims.
State-owned New India Insurance, along with other three general insurance companies—United India, Oriental Insurance and National Insurance—have bagged the bid for becoming primary insurers for the prestigious Air India account.
Private sector ICICI Lombard General Insurance, which was the primary insurer for Air India in 2010-11 and lost the bid for 2011-12, has received a 20% share in the deal as a part of conditions set by Air India.
24/10/11 Sitanshu Swain/Financial Express
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