Mumbai: Kingfisher Airlines has renewed its annual insurance policy at 37 per cent less premium than in the previous year, mainly because of abundant capacity in the reinsurance market. The policy is insured by ICICI Lombard as the lead insurer and Bajaj Allianz, SBI General and IFFCO TOKIO are part of the consortium.
According to market sources, premium rates came down 37% to Rs43 crore ($9.5 million) in 2011-12, lower from Rs60 crore ($15 million) paid in the previous fiscal.
The airline paid up Rs56 crore towards insurance in FY10 compared with Rs52 crore in the fiscal before that.
The policy covers the hull of the aircraft and liability to passengers and includes coverage for any third party damage to property or people outside the aircraft.
Currently, state-owned Air India is in the process of renewing its annual policy.