Insurance news likely will not change due to MH370 aircraft piece discovery

MH370 malaysian airlines wing insurance news

The discovery of the piece of the missing aircraft is “unlikely to affect” the coverage situation for claims. Many have been waiting to hear the latest insurance news following the discovery of the piece of the missing Malaysia Airlines Flight 370, and what has been determined by the industry is that it is very unlikely that any of this finding will change the result of the claims. The negotiations over the insurance payments to many affected parties will likely not be altered. What this insurance news has shown is that…

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Airline liability insurance may be unlimited in Germanwings crash

mountain alps airline liability insurance plane crash

The subsidiary of Lufthansa could be facing claims in the multi-million dollar range, well above the usual cap. Germanwings, the subsidiary of Lufthansa that saw one of its jets fly into a mountain in the Alps, could be facing larger airline liability insurance claims than are typical in this type of scenario, according to some lawyers in the aviation industry. Whether or not a cap will remain in place will greatly depend on whether the airline is seen as negligent. According to prosecutors in the case, the young co-pilot from…

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Airline insurance for crashed AirAsia plane likely to be well over $100 million

AirAsia airline insurance plane

The jet is the third major airline accident that has happened in 2014, two of which have been in that part of the world. The AirAsia jet that had gone missing and that was recently found crashed in the sea off the coast of Borneo could bring about claims that will be at least $100 million, and this exposure will be placed on Allianz SE, which is the reinsurer for the airline insurance. Tragically, the flight had 162 people on board when it went missing off the Indonesian coast. Allianz…

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Airline insurance with 15 percent higher premiums renewed by Air India

airplane airline insurance

This is providing the company with a $26.75 million policy to protect itself against major tragedies. Air India has managed to be able to renew its airline insurance with a mere increase of 15 percent in the premiums that it pays in order to be able to cover its complete fleet of 132 total aircraft. This is notable when taking into consideration that this is an insurance market that has experienced a considerable hardening. The reason that airline insurance usually entails a notably higher rate upon renewal is that it…

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Airline insurance premiums could triple after crashes

airline insurance war risk policy

This year has been a catastrophe for global aviation, with numerous tragic disasters after a long span of calm. Since the start of 2014, there has been a tremendous number of tragedies when it comes to aircraft crashes, and it is now believed that the airline insurance industry will be considerably increasing its rates in order to reflect the changing trends. Aviation continues to be considered among the safest forms of transport, but this year has been a bad example of that. Airline insurance, which has not had a great…

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