3 min readMumbaiJan 29, 2026 10:55 AM IST
First published on: Jan 29, 2026 at 10:51 AM IST
The business jet that crashed near Baramati on Wednesday morning, killing Maharashtra Deputy Chief Minister Ajit Pawar and four others, including the two pilots, was insured for around Rs 50 crore, and the payout could touch Rs 55 crore, industry sources said.
ICICI Lombard General Insurance, the insurer of the plane, had reinsurance backing for the risk. As part of the arrangement, it ceded the mandatory four per cent to the state-owned GIC Re and also had treaty reinsurance support from Munich Re.
Confirming the insurance details, ICICI Lombard, the country’s second-largest general insurer, said in a statement that the aircraft was covered under an aviation insurance policy issued by the company.
Total payout
Aviation insurance experts said the insurer’s total payout for hull damage and passenger liability could be around Rs 55 crore. Of this, ICICI Lombard is expected to recover up to Rs 45 crore from reinsurers. Under Indian law, the standard compensation for the death of an air passenger in an accident is about Rs 1 crore.
The aircraft involved was a Learjet 45 (registration VT-SSK), a mid-size business jet manufactured by Bombardier Aerospace’s Learjet division. It reportedly overshot the runway while attempting to land at Baramati airport and caught fire.
The jet was owned by Delhi-based VSR Aviation, which operates a fleet of 17 aircraft and has over 15 years of experience in providing charter and medical evacuation services.
While the exact cause of the crash is yet to be established, sources said the pilot had reported poor visibility near the runway before attempting the landing.
“The aircraft was insured under an Aviation insurance policy issued by ICICI Lombard. Consistent with our prudent risk management and retention framework, the exposure under the policy is appropriately supported through adequate reinsurance arrangements,” ICICI Lombard said.
“We remain committed to the highest standards of regulatory compliance and corporate governance. Our teams are closely coordinating with the relevant authorities and stakeholders to facilitate the claims process in accordance with policy terms and applicable regulatory requirements,” ICICI Lombard said.
The crash
Flight tracking data shows that the aircraft took off from Mumbai at 8.10 am and disappeared from radar around 8.45 am. The jet was cleared to land at Baramati after multiple attempts. However, after finally receiving clearance, it did not respond with a mandatory “read-back” to air traffic control and moments later burst into flames near the edge of the runway.
The aircraft was attempting to land in poor visibility conditions. Baramati operates as an uncontrolled airfield, where traffic information is shared by instructors and pilots from local flying training organisations.
This incident marks the second major aviation insurance claim in India after last year’s Air India crash in Ahmedabad on June 12. That accident is expected to result in claims of up to $475 million (Rs 4,275 crore), including $350 million in liability claims for compensation to the families of 260 victims. The Ahmedabad–London Gatwick flight AI-171, operated by Air India using a Boeing 787 Dreamliner, crashed shortly after take-off near Ahmedabad, killing 260 people, including 241 passengers. The aircraft was completely destroyed.
A nine-seater private aircraft crashed near Rourkela in Odisha earlier this month, injuring at least six people, though none suffered serious harm.
The Baramati site where Ajit Pawar's plane crashed. (Express photo: Arul Horizon) 
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