A consortium led by state-run New India Assurance Co. Ltd has beaten rivals from the private sector to insure Air India's 126-aircraft fleet for the fourth year in a row, two people close to the development said.
For the $9.5 billion insurance cover, Air India will pay a premium of $22.5 million, less than then $24 million it paid last year. This makes it one of the biggest aircraft insurance deals in South and Southeast Asia, according to the people cited above, who requested anonymity.
In June, the national flag carrier had floated a global tender for the insurance policy, which must be renewed by 1 October. An Air India spokesperson declined to comment.
A senior New India Assurance executive, who did not want to be identified, said the firm was the front runner for the Air India mandate, adding the company was yet to hear from the airline. He did not disclose the details of the contract.
14/09/15 PR Sanjay/Mcclathy/AviationPros
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For the $9.5 billion insurance cover, Air India will pay a premium of $22.5 million, less than then $24 million it paid last year. This makes it one of the biggest aircraft insurance deals in South and Southeast Asia, according to the people cited above, who requested anonymity.
In June, the national flag carrier had floated a global tender for the insurance policy, which must be renewed by 1 October. An Air India spokesperson declined to comment.
A senior New India Assurance executive, who did not want to be identified, said the firm was the front runner for the Air India mandate, adding the company was yet to hear from the airline. He did not disclose the details of the contract.
14/09/15 PR Sanjay/Mcclathy/AviationPros
