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Crashed Ethiopian airline may gulp $60m insurance claims

Losses from Boeing 737 Max 8 aircraft operated by Ethiopian Airlines have been speculated to be between 50 million dollars and 60 million dollars, Willis Towers Watson (WTW) said.

Ethiopian Airlines
This handout photograph released from the Twitter account of Ethiopian Airlines on March 10, 2019, shows a man inspecting what is believed to be wreckage at the crash site of an Ethiopia Airlines aircraft near Bishoftu, a town some 60 kilometres southeast of Addis Ababa, Ethiopia. – A Nairobi-bound Boeing 737 crashed six minutes after an early-morning takeoff from Addis Ababa on March 10, killing all 149 passengers and eight crew on board, Ethiopian Airlines said as world leaders offered condolences to distraught next-of-kin. People holding passports from 32 countries and the UN were on board the plane which ploughed into a field just 60 kilometres (37 miles) southeast of Addis Ababa, the carrier’s CEO Tewolde GebreMariam told journalists in the capital, lamenting this “very sad and tragic day.” (Photo by HO / TWITTER ACCOUNT OF ETHIOPIAN AIRLINES / AFP) /

The Insurance firm said this on Tuesday.

The aircraft heading to Nairobi crashed on March 10, after take-off from Addis Ababa, killing all 159 passengers on board including two Nigerians.

WTW is an Irish-domiciled global multinational risk management insurance brokerage and advisory company.

Ethiopia crash bodies will take days to release

The firm dates back to 1828 and is the third largest insurance broker in the world.

According to a Reuters report, the global insurance brokerage and risk management firm says it is the insurance broker for Ethiopian Airlines.

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.

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. (Reuters/NAN)

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