(VOV) - The Laos-Vietnam Insurance Joint Venture Company (LVI) signed a contract in Vientiane on October 28 to insure two Lao Airlines A320 Airbus planes.
The US$850 million contract will cover all risks to plane body, passengers and luggage and goods transportation.
In addition to the Lao Bank for Foreign Trade (BCEL), LVI coordinated with Willis Limited Insurance Broker in London, UK, to ensure financial safety of the insurance.
LVI also worked with Airclaims, the world's leading provider of claims, risk and asset management services for the aviation sector, to compensate losses resulting from an accident.
LVI is a joint venture company established by the Bank for Investment and Development of Vietnam's Insurance Company (BIC), BCEL and the Lao-Viet Bank (LVB).
After three years of operations, LVI ranks second in the list of the top six insurance companies in Laos with an annual revenue growth rate of 200 percent.