Insurance Claims from Crashed Ethiopian Airline May Hit $60m

ethiopian airlinesEthiopian Airlines
  • Insurance Claims from Crashed Ethiopian Airline May Hit $60m

Losses from Boeing 737 Max operated by Ethiopian Airlines which crashed shortly after take-off from Addis Ababa on Sunday has been speculated to be in the region of $50m to $60m, according to a report by reinsurancene.ws.

The airline, which was heading to Nairobi, killed all 157 passengers on board including two Nigerians.

The Nigerian victims were identified as a popular Nigerian-born Canadian professor and writer, Pius Adesanmi, and Ambassador Abiodun Bashua, a former Joint Special Representative for the African Union-United Nations Hybrid Operation in Darfur, Sudan.

Global insurance brokerage and risk management firm, Willis Towers Watson, has announced it is the insurance broker for Ethiopian Airlines, according to a Reuters report.

The announcement was made by a WTW spokeswoman on Monday.

The WTW spokeswoman added that Chubb was the lead underwriter for the Ethiopian Airlines account.

Flight ET302 left Addis Ababa at 8:38 am local time and was bound for Nairobi, Kenya. Contact with the jetliner was lost by 8:44 am, according to Ethiopian Airlines.

The firm’s Chief Executive Officer, Tewolde GebreMariam, said the pilot reported problems shortly after takeoff and was cleared to return to the airport.

According to an insurer, major insurance covers for aircraft are the hull all risks; passenger and passenger baggage legal liability; third party legal liability; and crew personal accident.

The hull all risks indemnify against accidental loss or damage to the aircraft excluding when the aircraft is on the ground, taxing or is moored.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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