Latest news with #RohitBoda
Hindustan Times
10 hours ago
- Business
- Hindustan Times
Indian Airlines insurance costs may surge up to 30% after deadly Ahmedabad plane crash
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. The premium increase is expected to be large, and further loss of aircraft could drive premiums to a record.(REUTERS) 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 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.
Mint
11 hours ago
- Business
- Mint
Air India Crash Risks Fueling Up to 30% Jump in Insurance Premiums
(Bloomberg) -- 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 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. Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. (Updates with context on South Korea crash in fourth paragraph) More stories like this are available on
Time of India
16 hours ago
- Business
- Time of India
Air India crash risks fueling up to 30% jump in insurance premiums
Airline insurance costs in India are likely to increase significantly. This follows a major aviation accident. Experts predict premiums could rise by 10% to 30%. The Air India crash in Ahmedabad is a key factor. The crash resulted in substantial insurance claims. Global aviation insurance rates are also expected to harden. This increase will affect airlines worldwide. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 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 premium increase is expected to be large, and further loss of aircraft could drive premiums to a record, the people said.
&w=3840&q=100)
Business Standard
17 hours ago
- Business
- Business Standard
Air india crash risks fueling up to 30% jump in airline insurance premia
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 Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30 per cent 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 per cent to 30 per cent in the next renewal cycle. Rohit Boda, group managing director at broker Group, predicts a rise of 10 per cent to 25 per cent. 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. 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.
Business Times
18 hours ago
- Business
- Business Times
Air India crash risks fuelling up to 30% jump in insurance premiums
[MUMBAI] Indian insurance policy sellers expect the cost of coverage for airlines to spike as much as 30 per cent 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 per cent in the next renewal cycle. Rohit Boda, group managing director at broker Group, predicts a rise of 10 to 25 per cent. 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 Jun 12. Insurance claims for the Air India crash are expected in the realm of US$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 US$20 billion in total, with an annual premium near US$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 US$15 billion in aviation claims during the five-year period ended 2024, according to a report by Allianz. Growth in air travel, fuelled by Asia-Pacific and North America, was expected to drive premiums to more than US$8 billion, according to the report. The insurance premium increase would be for all airlines, said sources 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 sources said. BLOOMBERG
