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GIC Re may pay up to US$7.5 mln for crashed EgyptAir plane May 26, 2016

May 26, 2016

State-owned GIC Re, India’s only local reinsurer, expects a $5-$7.5 million insurance claim in connection with the 12 May crash of an EgyptAir Airbus A320 in the Mediterranean Sea. The claim will relate mainly to passenger liability and damage to the airline.

“We have a 5.5% share (of the total claim) in the Egyptian airline,” a GIC executive told the Economic Times. “For us, the claim will come from two segments—hull and machinery, and passengers’ liability. This could come to $5-$7.5 million.” The flight carried 56 passengers and 10 crew members. Insurance companies are assessing liability claims, which depend on the nationality and profiles of passengers. XL Catlin was the lead underwriter for the ill-fated plane.

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