Insurers compete for Air India's insurance coverage

An official said that India's public sector general insurers are competing with private sector insurers in the London market for Air India Ltd.'s $27 million insurance account, reports Business Standard citing the Press Trust of India.

Both public and private sector insurers will submit their quotes to the airline by Sept. 7.

Sources said that the recent Indonesian plane crash may have some effect when Air India's cover comes up for renewal, adding that "otherwise the market remains soft for airlines."

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