Two consortia among bidders for AI insurance

Mumbai: Two groups of non-life insurance companies and a single company have submitted technical bids for insuring Air India whose policy comes up for renewal on October 1.
Like every year the four public sector general insurance companies have submitted their bid as a consortium. New India Assurance is the lead insurer and the remaining three, Oriental, United and National Insurance are the co-insurers.
The second consortium consists of SBI General Insurance and HDFC Ergo. The third bidder is the largest private sector insurer, ICICI Lombard General Insurance, which has bid alone.
Air India invited technical bids on June 8 for insuring its fleet of 152 aircraft with a value of $8.6 billion. According to insurance companies that have bid, Air India is likely to get the benefit of a soft reinsurance market; this may mean a reduction of 8-10 per cent in premium compared with last year.
05/07/12 Falaknaaz Syed/mydigitalfc.com

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Categories: Air India Jul 2012