Tejas Aircraft: Crashed Japan Airlines $130 Billion

Radhika

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Tejas Aircraft Indian Aircraft Carrier Aircraft Museum Kolkata

The primary insurer for the crashed Japan Airlines aircraft is AIG.

Tejas Aircraft: Crashed Japan Airlines $130 Billion

Tejas AircraftIndian Aircraft Carrier
Aircraft Museum Kolkata
Tejas Aircraft Indian Aircraft Carrier Aircraft Museum Kolkata

 

According to information obtained by Reuters from industry insiders, insurance behemoth AIG has emerged as the principal insurer in a sizeable $130 million “all-risks” policy covering a Japan Airlines aircraft involved in a collision at Tokyo’s Haneda airport.

AIG declined to comment on the situation, but information reveals that the insurance policy’s primary focus is hull damage. After the incident at Haneda airport, where a Japan Airlines Airbus A350 collided with a De Havilland Dash-8 Coast Guard turboprop, this coverage was put to the test.

Five of the smaller aircraft’s six crew members perished in the collision, but all 379 passengers on the Japan Airlines flight survived. were safely evacuated.

According to Reuters, this news also emphasizes how complicated large-scale commercial insurance agreements can be, since they frequently entail splitting up risk and coverage among several insurers.

Apart from AIG, a second industry source revealed that Willis Towers Watson (WTW) was the primary broker for the insurance deal. But WTW has also declined to comment on the circumstances.

Indian Aircraft Carrier

Tejas AircraftIndian Aircraft Carrier
Aircraft Museum Kolkata
Tejas Aircraft Indian Aircraft Carrier Aircraft Museum Kolkata

 

The market for aviation insurance has seen significant difficulties in the last 12 months, which have been made worse by international occurrences like the hostilities in Ukraine and Gaza. These difficulties are reflected in a recent Gallagher report, which has a big impact on the industry.

Furthermore, rates in the aviation reinsurance market increased noticeably, reaching up to 25% at the crucial Jan. 1, 2024 Date of reinsurance renewal.

The reinsurance division of Gallagher recently confirmed this, highlighting the shifting dynamics and elevated risks in the aviation insurance and reinsurance markets.

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