Disaster, terrorism risk hits Air India's insurance premium

Air India Ltd.'s insurance premium nearly doubled to $28 million for the financial year starting April 1 due to risks such as the recent Ethiopian aircraft crash and a terror attack in Pulwama, The Indian Express reported. The $12-billion insurance renewal deal covers the airline's fleet of 180 aircraft and includes $30 million of passenger liability cover. Nearly 95% of the cover is reinsured in the London market with The New India Assurance Co. Ltd. serving as the lead insurer and American International Group Inc. serving as the lead reinsurer.

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