Insurers unlikely to take hit on grounding of B737 MAX 8 planes, say industry officials

he grounding of Boeing 737 MAX 8 planes is unlikely to have any impact on domestic general insurers that have provided insurance to such aircraft, according to officials.

As many as 12 B737 MAX 8 planes of budget carrier SpiceJet have been grounded amid safety concerns in the wake of a plane crash in Ethiopia on Sunday that killed 157 people.

A top official of a public sector general insurance company said there would be no impact on insurers due to the grounding of the 737 MAX 8 planes.

Insurance companies already get their premium in advance and liabilities are paid when there is some damage or accident during an operation, an official of a private sector non-life insurer said.

The probability of any claims are less when planes are grounded as a result of which there would be no financial implication, the official added. Read More

You may also read!

Naresh Goyal in talks with Hindujas to rescue Jet Airways, offers to pay Rs 200 crore in bidding process

Etihad Airways, the Hinduja Group and the London-based AdiGro Group may come together to rescue debt-laden Jet Airways. ET


Assam Rifles and Coast Guard sign Charter of Affiliation

The Assam Rifles and the Indian Coast Guard on Wednesday signed a 'Charter of Affiliation' to utilise each other's


Iraq calls upon Indian companies to participate in its leading defence exhibition in Baghdad in 2020

The Commercial Attaché at the Embassy of Iraq has invited Indian companies or industries to participate in the defence


Leave a reply:

Your email address will not be published.

Mobile Sliding Menu