New Delhi, June 12 -- Mumbai: Air India's London-bound flight crashed minutes after taking off from Ahmedabad on Thursday afternoon, causing tragic loss of life. For Air India, the incident will result in significant losses as not only were most passengers killed, but the airline also lost a plane and might be held liable for the loss of life and property as the aircraft crashed in a residential area.

Mint explores what the incident might mean for the airline, insurers and reinsurers, and other aviation players in the country:

How does Air India insure its fleet?

Till Air India was a government-owned entity, there used to be an annual procurement process, and the airline sought tenders from multiple insurance participants. The lowest b...