Insurers to pay $100m on missing MH370 claims

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Allianz flagsGerman insurer Allianz has started to make payments on claims linked to the disappearance of a Malaysian airliner, the company said on March 18. Allianz confirmed it is the lead insurer covering the Malaysia Airlines jet that disappeared over the Gulf of Thailand on March 8.

German business daily Handelsblatt earlier reported payment in the case would amount to around 72 million euros ($100 million) for the aircraft and the people aboard. It is unclear how much of the claim will be passed on to other insurers in the consortium. Etiqa Insurance and Takaful Bhd, the insurance arm of Maybank, are also an insurer covering Malaysian Airline’s fleet of aircraft.

“Allianz Global Corporate & Specialty and other co-reinsurers of the Malaysia Airlines aviation hull and liability policy have made initial payments,” the insurer said in a statement.

“This is in agreement with the insurance broker, Willis, and is in line with normal market practice and our contractual obligations where an aircraft is reported as missing.”

All payments for the airline and relatives of the passengers should be done by the end of this week, the paper reported. Allianz declined to comment on the financial details. Shares of Allianz Malaysia as well as the German parent company came under pressure since the plane went missing.

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Reading Time: 1 minute

German insurer Allianz has started to make payments on claims linked to the disappearance of a Malaysian airliner, the company said on March 18. Allianz confirmed it is the lead insurer covering the Malaysia Airlines jet that disappeared over the Gulf of Thailand on March 8.

Reading Time: 1 minute

Allianz flagsGerman insurer Allianz has started to make payments on claims linked to the disappearance of a Malaysian airliner, the company said on March 18. Allianz confirmed it is the lead insurer covering the Malaysia Airlines jet that disappeared over the Gulf of Thailand on March 8.

German business daily Handelsblatt earlier reported payment in the case would amount to around 72 million euros ($100 million) for the aircraft and the people aboard. It is unclear how much of the claim will be passed on to other insurers in the consortium. Etiqa Insurance and Takaful Bhd, the insurance arm of Maybank, are also an insurer covering Malaysian Airline’s fleet of aircraft.

“Allianz Global Corporate & Specialty and other co-reinsurers of the Malaysia Airlines aviation hull and liability policy have made initial payments,” the insurer said in a statement.

“This is in agreement with the insurance broker, Willis, and is in line with normal market practice and our contractual obligations where an aircraft is reported as missing.”

All payments for the airline and relatives of the passengers should be done by the end of this week, the paper reported. Allianz declined to comment on the financial details. Shares of Allianz Malaysia as well as the German parent company came under pressure since the plane went missing.

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