Insurers shell out Rs 660 crore for AI Express crash, largest in Indian aviation market

The crash of Air India (AI) Express Boeing 737 plane at the Kozhikode airport in Kerala has cost global reinsurers and Indian insurers Rs 660 crore ($89 million), the largest claim pay-out in the Indian aviation market.

Of the reinsurers’ total claim provision of $89 million, $51 million is for the hull total loss and $38 million for liability that may arise for passengers who died or were injured, TPL and baggage loss etc, said Atul Sahai, CMD, New India Assurance (NIA).

State-owned NIA, which has led the AI insurance account as the lead primary insurer, has paid Rs 373.83 crore as hull claim to Air India, the highest ever pay-out in the Indian aviation insurance market in this segment arising out of the crash.

On August 7, an AI Express flight from Dubai to Kozhikode overshot the runway in one of the worst aviation disasters in Indian history.

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