Global reinsurers will have to shell out over 90 per cent of the insured value of the Air India Express plane that was destroyed in the accident at the Kozhikode airport, with the public sector Indian insurance consortium led by New India Assurance — which reinsured the risk abroad — not getting affected much.
Air India, which has 170 aircraft, has taken an insurance policy that includes aircraft or hull and liability for third party and passengers. Air India Express’s aircraft is reinsured for around Rs 375 crore and Air India will recover this amount from reinsurers as the plane has been totally damaged.
