Currently, seven active insurers led by New India Assurance and reinsurers led by GIC Re are proving a Hull capacity of over $ 75mn and liability cover of over $ 400mn
Mumbai:
India not only has seen its aviation market expanding fast, also has emerged as the largest aviation insurance capacity provider outside UK, EU, USA and China
Currently, seven active insurers led by New India Assurance and reinsurers led by GIC Re are proving a Hull capacity of over $ 75mn and liability cover of over $ 400mn.
Indian re/insurance market is supporting both domestic and international clients and playing role of lead reinsurers in SAARC region.
The country today has 14 passenger airlines, four cargo airlines which have together have deployed over 700 aircraft out of which over 50 are wide body aircraft, and 570 are narrow body aircraft and over 80 are turboprop aircraft.
Besides India Inc owns 100+ business jets, over 30 turbo props and over 185 helicopters.
Indian domestic insurance industry through collaborations with international reinsurers are providing critical support to aviation industry in the subcontinent. Industry has come a long way in offering various insurance solutions and is gearing up to offer emerging risk solutions.
Given the importance of both the sectors, Global Insurance Brokers in partnership with leading insurers, reinsurers and industry stakeholders are hosting the 2nd edition of Aviation Insurance Symposium 2022 on October 14 to facilitate a sustained dialogue between the decision makers of the industry.
“We are excited to host this event second time along with other stakeholders in India and internationally. Indian Aviation and Insurance both are the fastest growing industries and I am confident that this event will go a long way in creating an engagement platform for everyone associated with the industry to serve everyone’s best interest. We have delegates participating from, Europe, UK, USA, Far East, Middle East and SAARC and it will help promote Indian Capacity to international buyers of aviation insurance,’’ said Prabodh Thakker, chairman, Global Insurance Brokers.
Besides insurers and reinsurers based out of India, London, Europe, Middle East and Far East currently participating on various Aviation Insurance programs, the symposium will also witness participation from Airline operators from Indian subcontinent, General Aviation & Business Jet Operators, Aerospace Manufacturers, Maintenance, Repair and Overhaul Organizations (MROs), Airport Operators, Aviation Service Providers,- International Aircraft Lessors.Cyber Risk Experts, Aviation Law Firms.
Dipesh Shah,, executive director(Developemnt) International Financial Services Centres Authority(IFSCA) will address the symposium on aircraft leasing opportunities in GIFT City.