According to reports, the ill-fated Pakistan International Airlines aircraft that crashed last week in Karachi, killing 97 passengers and crew on board, was insured for $19.7 million as per airline documents.
The documents on PIA’s website show that it was insured by the National Insurance Company Ltd. and Marsh was the insurance broker for PIA’s annual policy. According to the information available, the policy is valid till 29th December of this year.
Sources at the Insurance industry have said that the insurance has been reinsured into the international reinsurance markets.
One source close to the matter said that the lead reinsurer in this case was AIG.
When approached for a comment on this, AIG did not respond immediately.
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