© Reuters. Firefighters work on a burning Japan Airways’ A350 airplane at Haneda Worldwide Airport, in Tokyo, Japan January 2, 2024. REUTERS/Issei Kato
LONDON (Reuters) -U.S. insurer AIG (NYSE:) was the lead insurer on a $130 million “all-risks” coverage for the Japan Airways airplane which collided with one other aircraft at Tokyo’s Haneda airport, two insurance coverage trade sources stated on Wednesday.
AIG declined to remark.
All 379 individuals aboard the Japan Airways Airbus A350 escaped after a collision with a De Havilland Sprint-8 Coast Guard turboprop that killed 5 of six crew on the smaller plane.
Commerce journal The Insurer beforehand reported the AIG insurance coverage information.
The Japan Airways coverage primarily covers injury to the hull, one of many sources stated.
Massive business insurance coverage offers are sometimes break up amongst plenty of insurers.
Willis Towers Watson (NASDAQ:) was the principle dealer on the deal, the second supply instructed Reuters. Willis Towers Watson declined to remark.
Final yr was difficult for the aviation insurance coverage market, insurance coverage dealer Gallagher stated in a report on Wednesday, given the Ukraine and Israel-Gaza conflicts.
Aviation reinsurance charges rose by as a lot as 25% on the key Jan. 1, 2024 reinsurance renewal date, Gallagher’s reinsurance unit stated in a report this week.