Insurers to pay $100m on missing MH370 claims

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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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. 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,...

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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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

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