Total claims from the Air India crash in Ahmedabad could touch $475 million, driven by liability payouts that are expected to be over 2.5 times the aircraft value, said Ramaswamy Narayanan, chairman and managing director of GIC Re. In rupee terms, the claims could exceed Rs 4,000 crore.“The way we see it, the hull will be around $125 million and the liability claims on account of passenger liability, third-party liability and other PA and travel policies in vogue should work out to $350 million,” said Narayanan. Although GIC Re is not a direct insurer, it has exposure to the Air India fleet through reinsurance. As the national reinsurer, it also bears part of the loss incurred by every domestic non-life company, which is mandated to cede a portion of the risks it underwrites.