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VNA signs $6 billion aviation insurance policy

Released at: 13:01, 27/12/2014

VNA signs $6 billion aviation insurance policy

Three insurers, led by PVI, cover national flag carrier.

by Thong Dat

An aviation insurance policy was signed in Hanoi yesterday between Vietnam Airlines and a group of insurers comprising of PetroVietnam Insurance Joint Stock Company (PVI), Vietnam Aviation Insurance Joint Stock Company (VNI), and Bao Viet Insurance Joint Stock Corporation.

Valued at $6 billion, the policy meets all international aviation insurance standards and provides aircraft body insurance, liability insurance for passengers, and insurance against the risk of war. It will help guarantee safety for all Vietnam Airlines, Jetstar Pacific and Vasco aircraft.

The signing of the policy will not only bring significant benefits for all parties but, more importantly, will also ensure the safety of and confidence among passengers, according to Mr. Pham Ngoc Minh, Vietnam Airlines CEO. “Besides doing its utmost to become a leading airline in the region, together with the modernization of its fleet and improvements in quality services the participation of three prestigious local insurers will give passengers more reason to fly with Vietnam Airlines,” he added.

With this policy, PVI becomes the first insurer to provide aviation insurance for all airlines in Vietnam. “It confirms that PVI is the leading industrial insurer in the Vietnamese market,” said PVI Director General Truong Quoc Lam.

Vietnam Airlines now flies on 96 routes to 21 domestic and 29 international destinations. It operates more than 300 flights a day and will increase its fleet by securing modern aircraft such as the Airbus A350XWB and the Boeing 787-9 Dreamliner.

Established in 1996, PVI currently holds nearly all of the energy insurance market, about 30 per cent of the marine insurance market, and around 40 per cent of the property and engineering insurance market.

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