Insurance claims from crashed Ethiopian airline could reach $60 million

Losses from the Ethiopian Airlines’ Boeing 737 Max, which crashed shortly after takeoff from Addis Ababa on Sunday, are estimated to be in the range of $50-60 million, according to reinsurancene.ws.

The airline, headed to Nairobi, killed all 157 passengers on board, including two Nigerians.

The Nigerian victims have been identified as Pius Adesanmi, a Nigerian-born popular Canadian teacher and writer, and Ambassador Abiodun Bashua, former Joint Special Representative of the African Union-United Nations Hybrid Operation in Darfur, Sudan.

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

The announcement was made by a WTW spokeswoman on Monday.

The WTW spokeswoman added that Chubb was the lead underwriter for the Ethiopian Airlines account.

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.

The firm’s Chief Executive Officer, Tewolde GebreMariam, said the pilot reported problems shortly after takeoff and was cleared to return to the airport.

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.

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