Insurer AIG Leads Policy for Japan Airlines Plane, Sources Say
LONDON —U.S. insurer AIG was the lead insurer on a $130 million “all-risks” policy for the Japan Airlines airplane which collided with another plane at Tokyo’s Haneda airport, two insurance industry sources said on Wednesday.
All 379 people aboard the Japan Airlines Airbus A350 escaped after a collision with a De Havilland Dash-8 Coast Guard turboprop that killed five of six crew on the smaller aircraft.
Trade magazine The Insurer previously reported the AIG insurance news.
The Japan Airlines policy mainly covers damage to the hull, one of the sources said.
Large commercial insurance deals are typically split among a number of insurers.
Willis Towers Watson was the main broker on the deal, the second source told Reuters. Willis Towers Watson declined to comment.
Last year was challenging for the aviation insurance market, insurance broker Gallagher said in a report on Wednesday, given the Ukraine and Israel-Gaza conflicts.
Aviation reinsurance rates rose by as much as 25% at the key Jan. 1, 2024 reinsurance renewal date, Gallagher’s reinsurance unit said in a report this week.