Leading Insurer AIG Spearheads Coverage for Japan Airlines in Runway Mishap
American insurance giant AIG was at the forefront, insuring a Japan Airlines jet involved in a Tokyo runway collision. The plane was part of a comprehensive $130 million policy. This incident occurred at the bustling Haneda airport, according to two insiders from the insurance sector.
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Despite requests, AIG has chosen to remain silent on the matter. The tragic event saw all 379 passengers on the Japan Airlines Airbus A350 safely evacuate. However, it resulted in five fatalities among the six crew members of a colliding De Havilland Dash-8 Coast Guard aircraft.
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Industry publication, The Insurer, was the first to reveal AIG's involvement. Reports indicate that the policy primarily safeguards against hull damage. Such extensive insurance agreements typically involve multiple insurers sharing the risk.
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Willis Towers Watson played a pivotal role as the chief broker in this arrangement. However, they, too, have refrained from commenting when approached. The past year has been tumultuous for aviation insurers, noted Gallagher, a prominent insurance brokerage. Conflicts in regions like Ukraine and Israel-Gaza have added to the industry's challenges.
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Significantly, the reinsurance rates for aviation surged up to 25% at the crucial January 1, 2024, renewal period. This detail emerged from a recent report by Gallagher's reinsurance division.
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