While the estimates are that GIC’s liability for the total claim will be in the region of $5m it comes after the firm revealed it also had shares of the reinsurance programmes for both the Air France and Yemania losses in recent weeks.

The reports from within the Indian insurance market say that the total liability for the three crashes will be in excess of $15 million. The firm’s chairman Yogesh Lohiya told reporters: "We were the lead insurer for the TU-154 aircraft that crashed. It was a brokered deal and we had a 35% share."
The firm revealed it was on the reinsurance programme for the Air France loss with a 3.5% share of the programme while the biggest liability will be for the Yemenia loss which is estimated to be in excess of $6 million. 

The latest crash in Iran has focused the market’s attention on the country’s civil air sector which has had a string of losses in the past several years.

Experts predict the loss will prompt a re-evaluation of the willingness of the international market to provide cover for airlines in the country in the wake of wholesale expectation that the costs of aviation cover will increase as airlines renew.