Indian insurers and global reinsurers face a bill of US$89 million for the crash of Air India Express Flight 1344, making it the largest-ever claim in the Indian aviation market.
The crash involved a Boeing 737 plane that overshot the runway at the Calicut International Airport on August 07. Twenty-one fatalities were recorded, including both pilots, out of the 190 occupants of the plane. More than 100 people were injured.
State-owned New India Assurance was the primary insurer for the event, The Indian Express reported. Out of the US$89 million, US$51 million was for the hull total loss, while US$38 million was for liability for fatalities, injuries, baggage loss, and others, said Atul Sahai, chairman and managing director of New India Assurance, which paid the entirety of the hull claim.
“We have paid US$51 million for Air India Hull claim arising out of crash landing at Kozhikode,” said Sahai. “Besides this, we have also paid US$475,000 for liability as immediate relief to passengers affected.”
On the evening of August 07, Flight 1344 was headed from Dubai, UAE to Kozhikode, India. It was carrying mostly Indian nationals that were repatriated after being stranded due to the COVID-19 pandemic. Strong rain and tailwind caused the pilots to abort two attempts at landing. However, on the third try, the plane slid off the runway and fell down a 35-foot ravine, breaking it into several pieces.
