According to multinational insurance company Willis Re International, the Ethiopian Airlines plane crash that took place last month is recording some incredibly high liability claims, poising as the largest non-war aviation reinsurance claim on record.
Liability claims for the passengers’ loss of life and in relation to the grounded aircraft could total around a billion dollars, James Vickers, chairman of Willis Re International, told Reuters.
The losses could erode three to four years of aviation reinsurers’ premium in the “global excess of loss” category of reinsurance, Willis Re said on Monday in its summary of reinsurance activity at the key April 1 renewal date.
The crash of Ethiopian Airlines flight ET 302 on March 10 killed 157 passengers and crew, the second deadly crash involving a Boeing Co 737 MAX 8 airliner in five months.
British insurer Global Aerospace led a consortium of insurers and reinsurers providing cover for Boeing.