US insurer AIG leads policy for Japan Airlines plane -sources

US insurance AIG leads policy for Japan Airlines plane -sources

LONDON : U.S. insurer AIG was the lead insurer on a $130 million “all-risks” policy for the Japan Airlines airplane which crashed with another plane at Tokyo’s Haneda airport, two insurance industry sources said on Wednesday.

AIG did not immediately provide a comment.

All 379 people aboard the Japan Airlines Airbus A350 escaped after a crash with a De Havilland Dash-8 Coast Guard turboprop that killed five of six crew on the smaller aircraft.

Trade newsletter The Insurer earlier reported the AIG insurance news.

The Japan Airlines policy basically covers damage to the hull, one of the sources said.

Large commercial insurance deals are usually split among a number of insurers.

Willis Towers Watson was the main broker on the deal, the second person told Reuters. Willis Towers Watson refused to comment

Last year was difficult 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 per cent at the key Jan. 1, 2024 reinsurance renewal date, Gallagher’s reinsurance unit sa

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