AI 171 Crash: $475 million insurance claim ranks among India's costliest
The Ahmedabad-to-London flight, carrying 242 individuals—230 passengers and 12 crew members—tragically crashed shortly after taking off from Sardar Vallabhbhai Patel International Airport in Ahmedabad.
Total claims for the Air India crash could reach $475 million, driven primarily by liability payouts, which are expected to exceed the aircraft's value by more than 2.5 times, GIC Re stated on Tuesday. In rupee terms, this translates to approximately ₹4,091 crore (based on current exchange rates).
"The way we see it, the hull (the aircraft) will be around $125 million, and liability claims—on account of passenger liability, third-party liability, and other personal accident and travel policies—should amount to approximately $350 million," said GIC Re Chairman and Managing Director Ramaswami Narayanan.
Only one passenger, British national Vishwash Kumar Ramesh, survived the crash. Additionally, at least 38 people on the ground were killed when the aircraft struck a medical college hostel in the Meghani Nagar area.
The incident marks the first fatal crash involving a Boeing 787-8 Dreamliner and the deadliest aviation accident globally in a decade, according to aviation industry portal AviationA2Z.
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