ICICI Lombard wins Air India's aviation policy

ICICI Lombard General Insurance, a joint venture owned by ICICI Bank and Fairfax Financial Holdings of Canada, won, for the first time, a bid for the cover of the fleet of Air India. The sums insured amount to 9 billion USD over a period of 12 months starting from October 1. The premium paid by Air India amounts to 29.95 million USD. It has been on the rise by 20% in comparison with the previous year while the fleet has increased by only 6% at 134 aircarfts. The recent crash of Mangalore is a major reason behind this increase in premium. Chartis Insurance UK is the leading reinsurer.