Date:18/09/2005 URL: http://www.thehindubusinessline.com/2005/09/18/stories/2005091801820200.htm

Back Oriental Insurance bags Paramount Airways deal

L.N. Revathy

Coimbatore , Sept. 17

ORIENTAL Insurance Company Ltd has negotiated and clinched a deal to insure the aircraft of Coimbatore-based Paramount Airways.

The Oriental Divisional Manager, Mr C. Kumar, said the four public sector general insurance companies and Bajaj General Insurance, the only company from the private sector, participated in the quotation process. "This has been a highly competitive deal," he told Business Line but refused to divulge the premium paid by Paramount.

According to Mr Kumar, Oriental Insurance has an edge over its competitors because of its exposure in this space. "We have provided insurance cover for Jet Airways and Indian Airlines aircrafts," he said.

Aviation risk profile, Mr Kumar said, was huge, as each aircraft was worth Rs 150 crore, and the company provided passenger and third party cover as well.