ICICI Lombard General Insurance has won a bid to insure the National Aviation Company of India Limited’s (NACIL) aircraft fleet for $9.1bn.
The new insurance cover is a measure following the crash at Mangalore that killed 158 passengers and crew.
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NACIL has called for bids for fresh cover as the previous $8.9bn cover expired on 30 September, according to the Economic Times.
The premium cover stands at $29.9m, up from the earlier $24.30m paid by the national air-carrier.
ICICI Lombard has won the bid, competing against a New India Assurance-led consortium and an Iffco Tokio led consortium.
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By GlobalData
