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The crash's enormity is anticipated to push premiums higher than previous incidents, with claims estimated at $475 million. Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30% after the deadliest aviation crash in more than a decade.
Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30% after the deadliest aviation crash in more than a decade.
Sajja Praveen Chowdary, director at Indian broker Policybazaar, expects premiums for hull, war-risk, and liability coverage to increase by 10% to 30% in the next renewal cycle. Rohit Boda, group managing director at broker J.B.Boda Group, predicts a rise of 10% to 25%.
Premium hikes of that scale would be larger than previous crashes, given the enormity of the Air India accident, the brokers said. The crash killed 241 on board and dozens on the ground when it smashed into a residential area in the city of Ahmedabad on June 12.
In the wake of a crash in South Korea last year that left all but two of the 181 passengers dead, premium increases were in the range of 15% to 18%, according to a UK-based reinsurer.
Insurance claims for the Air India crash are expected in the realm of $475 million, including those for the aircraft's hull and engine as well as additional liability for loss of life, Bloomberg News reported earlier. Air India's fleet is insured for about $20 billion in total, with an annual premium near $30 million, according to data from Policybazaar.
“A catastrophe of this scale will contribute to hardening of global rates,” said Chowdary, director at Policybazaar for Business.
Globally, crashes accounted for the majority of the $15 billion in aviation claims during the five year period ended 2024, according to a report by Allianz SE. Growth in air travel, fueled by Asia-Pacific and North America, was expected to drive premiums to more than $8 billion, according to the report.
The insurance premium increase would be for all airlines, said people familiar with the matter, who asked not to be identified discussing private matters. They added that the impact will be redistributed to airlines across the globe.
The premium increase is expected to be large, and further loss of aircraft could drive premiums to a record, the people said.
Source: HindustanTimes
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