Malaysian missing flight: GIC expects about Rs. 75 cr claim

As per reports, the Malaysian plane might have been insured for around $400 million out of which GIC has 3% share of total claim

March 14, 2014 12:14 IST | India Infoline News Service
India's reinsurer General Insurance Corporation of India (GIC) on Thursday said that it is expected to see a claim of around Rs. 75 crore from the missing aircraft of Malaysian Airlines, according to a media report.
However, GIC said that this is as per the initial estimate and most of the claim amount is reinsured. Hence the impart will be less, the report added.
As per reports, the Malaysian plane might have been insured for around $400 million out of which GIC has 3% share of total claim. 
The GIC estimates have been done presuming that there would be total claim arising out from the aircraft. 
Malaysia Airlines Flight MH370 took off from Kuala Lumpur International Airport at 12:41 a.m. local time on Saturday and was slated to land in Beijing at 6:30 a.m. that same day.
The Boeing 777-200ER carried 227 passengers, including 2 Canadians, and 12 crew members. The search operation has involved 34 aircraft and 40 ships from several countries.
Flying in clear weather, the flight lost contact with Subang Air Traffic Control in Malaysia at about 1:30 a.m., without any distress signal.
The search effort now comprises dozens of ships and aircraft from 12 nations over an area of 35,800 square miles (92,600 square kilometers).
The civilian and military assets of multiple nations are involved in search for wreckage on both sides of the Malay Peninsula, in the Gulf of Thailand and the Strait of Malacca.
After days of hunting for the missing plane, authorities expanded the search west toward India on Thursday, saying the plane may have flown for several hours after its last contract with air traffic control. The search intensified in the Indian Ocean, where the United States said it was deploying additional ships and aircraft.
India said its navy, air force and coast guard were looking for the missing plane after it received a formal request for help from the Malaysian government.
The Indian defense ministry has deployed three ships and three aircraft to the remote Andaman and Nicobar Islands in order to search the plane.

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