Mumbai: The fatal crash involving a Learjet 45 privately operated by VSR Aviation near Pune on Wednesday, which killed all five people on board, including Maharashtra deputy chief minister Ajit Pawar, is expected to trigger insurance claims of about ₹50 crore, according to people familiar with the matter.
The aircraft, insured for hull and machinery by ICICI Lombard General Insurance, was attempting to land at Baramati airport when it crash-landed. Claims related to passenger liability and personal accident cover are usually handled separately, either under aviation insurance policies or through individual arrangements such as premium credit cards, the people said.
"The aircraft was insured under an aviation insurance policy issued by ICICI Lombard," said an ICICI Lombard spokesperson. "Consistent with our prudent risk management and retention framework, the exposure under the policy is appropriately supported through adequate reinsurance arrangements. Our teams are closely coordinating with the relevant authorities and stakeholders to facilitate the claims process in accordance with policy terms and applicable regulatory requirements."
This is the second aviation insurance claim in India this month. On January 10, a nine-seater private aircraft operating between Rourkela and Bhubaneswar met with an accident, resulting in claims of about ₹18 crore, said another person.
The aircraft, insured for hull and machinery by ICICI Lombard General Insurance, was attempting to land at Baramati airport when it crash-landed. Claims related to passenger liability and personal accident cover are usually handled separately, either under aviation insurance policies or through individual arrangements such as premium credit cards, the people said.
"The aircraft was insured under an aviation insurance policy issued by ICICI Lombard," said an ICICI Lombard spokesperson. "Consistent with our prudent risk management and retention framework, the exposure under the policy is appropriately supported through adequate reinsurance arrangements. Our teams are closely coordinating with the relevant authorities and stakeholders to facilitate the claims process in accordance with policy terms and applicable regulatory requirements."
This is the second aviation insurance claim in India this month. On January 10, a nine-seater private aircraft operating between Rourkela and Bhubaneswar met with an accident, resulting in claims of about ₹18 crore, said another person.
