New India Assurance has renewed Air India’s coverage

The Indian national company Air India has renewed the insurance of its 120 aircrafts with New India. The contract came into effect as of October 1, 2012. The premium paid by Air India amounts to 24 million USD a year, which makes it one of the most important contracts in South East Asia. The insurer’s liability estimated at 10.5 billion USD, is increasing in comparison with the previous contract. Nonetheless, Air India managed to get a 7% discount thanks to the improvement of its results. Chartis remains New India’s leading reinsurer.