MUMBAI, JUN 19: Private sector general insurance companies led by ICICI Lombard General Insurance for the first time has bagged 20% of Air India insurance renewal deal for 2007-08.
Amidst tough competition, the $4 billion Air India insurance deal has also seen a fall in the premium by almost 40% to $9 million at the time of renewal.
Led by Mumbai based New India Assurance, the four public sector general insurance companies which earlier used to hog the entire deal have managed to retain 80% of the transaction at the time of the current renewal.
The other private sector general insurance companies that have a share in the Air India deal are Bajaj Allianz General Insurance, Reliance General Insurance and Iffco Tokio General Insurance. London-based reinsurers led by Ace , AIG and Global Space have reinsured the Air India deal.
Aon Global brokered the deal on behalf of PSU companies while HSBC, Independent and Willis were the main brokers for the private sector general insurance companies. Prabodh Thakkar, chairman, Aon Global when contacted, refused to divulge details of the deal.
Source: Financial Express
Amidst tough competition, the $4 billion Air India insurance deal has also seen a fall in the premium by almost 40% to $9 million at the time of renewal.
Led by Mumbai based New India Assurance, the four public sector general insurance companies which earlier used to hog the entire deal have managed to retain 80% of the transaction at the time of the current renewal.
The other private sector general insurance companies that have a share in the Air India deal are Bajaj Allianz General Insurance, Reliance General Insurance and Iffco Tokio General Insurance. London-based reinsurers led by Ace , AIG and Global Space have reinsured the Air India deal.
Aon Global brokered the deal on behalf of PSU companies while HSBC, Independent and Willis were the main brokers for the private sector general insurance companies. Prabodh Thakkar, chairman, Aon Global when contacted, refused to divulge details of the deal.
Source: Financial Express
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