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!

Germany Moves at EU to List Masood Azhar as Global Terrorist

Germany has initiated a move at the European Union to designate Jaish-e-Mohammed (JeM) chief Masood Azhar as a global


Boeing 737 Max: Pilot who hitched ride saved Lion Air flight day before deadly Ethiopian Airlines crash

As the Lion Air crew fought to control their diving Boeing Co. 737 Max 8, they got help from


CRPF not to celebrate Holi in wake of Pulwama terror attack

The Central Reserve Police Force (CRPF) will not celebrate Holi this year as a mark of respect to its


Leave a reply:

Your email address will not be published.

Mobile Sliding Menu