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New India Assurance beats competition, gets $9.5 billion Air India deal

New India Assurance beats competition, gets $9.5 billion Air India deal
Last Updated: Sep 16, 2015 | 409 Views

One of India’s biggest public sector general insurer, New India Assurance (NIA) led consortium of public sector insurance companies has been awarded the contract to insure Air India’s huge fleet of 126 aircrafts worth 9.5 billion dollars. The consortium outbid the tender submitted by private general insurance companies, for this contract floated by Air India.  

NIA will insure Air India for 9.5 billion insurance cover for a premium of $22.5 million, which would be a one of the biggest aircraft insurance deals in the whole of Southeast Asia. PSU insurers continue to insure Air India for 4th year in a row. 

Below is the list of public sector general insurance companies in India:
  1. New India Assurance Company Limited 
  2. National Insurance Company Limited 
  3. The Oriental Insurance Company Limited 
  4. United India Insurance Company Limited 

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