Insurance claims from crashed Ethiopian airline may hit $60m

Losses from Boeing  737 Max operated by Ethiopian Airlines which crashed shortly after take-off from Addis Ababa on Sunday has been speculated to be in the region of $50m to $60m, according to a report by reinsurancene.ws

The airline, which was heading to Nairobi, killed all 157 passengers on board including 32 Kenyans.

Global insurance brokerage and risk management firm, Willis Towers Watson, has announced it is the insurance broker for Ethiopian Airlines.

Flight ET302 left Addis Ababa at 8:38 am local time and was bound for Nairobi, Kenya. Contact with the jetliner was lost by 8:44 am, according to Ethiopian Airlines.

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.