New India bags Air-India account

Mumbai: Air-India (A-I) has finally awarded its $2 billion insurance portfolio to be managed by a consortium led by state-owned New India Assurance in 2006-07.
In a tough battle that saw the top two private sector general insurers, ICICI Lombard General Insurance and Bajaj Allianz General Insurance joining hands for the first time to bid for the account, the state-owned companies were chosen by an internal committee appointed by A-I.
The deal, to be mostly reinsured, has to be placed by July 1 so that Air India can fly internationally. The A-I account consists of aircraft (the airlines has 42 aircrafts and another 68 have been ordered) and passenger liability.
New India Assurance is also the current insurer of A-I and has almost paid Rs 100 crore to settle some claims of A-I on account of the Mumbai flood.
01/06/06 Financial Express

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