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Allianz pays claims on MH370

March 19, 2014

German insurance company Allianz has started making payments on claims related to missing Malaysian Airline flight MH370. The company says it is seeking to complete claims payments by the end of the week.

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Malaysia Airlines Boeing 777 Flug MH370
Image: Reuters

Allianz and other co-reinsurers of the Malaysian Airlines aviation hull and liability policy had made initial payments linked to the disappearance of Malaysian Airlines flight MH370, the German insurance company announced late on Tuesday.

The company, which is Malaysia Airlines' lead insurer, was confirming an earlier report in the German business daily Handelsblatt. In its Wednesday edition, Handelsblatt reported that payments in the case would amount to about $100 million (72 million euros) for the aircraft and the 239 people on board.

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Allianz declined to comment on the exact sum of claims and how much of it would be passed on to other insurers in the consortium.

"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 missing," Allianz said in a statement.

Malaysian Airlines flight MH370 disappeared on March 8 en route to Beijing. The Malaysian government believes the Boeing 777 plane was deliberately diverted and flew for several hours after leaving its scheduled flight path. An international land and sea search is now covering an area the size of Australia. Authorities have yet to establish a clear motive to explain its disappearance.

uhe/kms (AFP, Reuters)