Air India Express to Receive Rs 374 Crore For Loss of Aircraft in Kozhikode Runway Accident

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The Air India Express will get around Rs 374 crore towards the loss of its Dubai-Kozhikode aircraft within the accident in Kozhikode airport last month, a senior insurance industry official said.

“The total claim amount to be paid to Air India Express for loss of aircraft/hull are going to be about $51 million. The aircraft has been insured for $50 million may be able to” which can be paid because it is a total loss.”

“The airline has got to submit the required documents involved by the lead reinsurer. Once that’s done the claim going to be processed. The claim payment to Air India Express are going to be made by the primary insurer and recovered from the lead reinsurer,” the official added.

A consortium of 4 public sector insurers a” New India Assurance, social insurance Company, Oriental insurance firm and United India insurance firm has insured the fleet of about 170 aircraft belonging to Air India and its subsidiaries, including Air India.

The airline had said the refurbishment project resulted within the empty weight of the aircraft reducing by about 800 kg thanks to the lighter weight of the new seats, leading to the gain of additional traffic payload and revenue earning capability thereto extent on every flight.

As regards the compensation to be paid to the legal heirs of passengers who had died within the accident and to the passengers who have injured, the matter is being handled by global firm Clyde & Co headquartered in London, the insurance official said.

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