India’s deadliest plane crash in more than decade is set to send shock waves through the aviation insurance industry and trigger one of the country’s costliest claims, estimated at around $475 million.

“This aviation insurance claim could be one of the biggest in India’s history,” said Ramaswamy Narayanan, chairman and managing director at General Insurance Corporation of India, a firm that has provided coverage for Air India.

The claim for the aircraft hull and engine is estimated at around $125 million, according to Narayanan. He estimates additional liability claims for loss of life for passengers and others will be around $350 million. The sum is more than triple the annual premium for the aviation industry in India in 2023, according to GlobalData.

— Bloomberg