By Isabel Gomez
FRANKFURT--Germany's Allianz SE (ALV.XE) said Friday it is the
main reinsurer for the Malaysia Airlines plane that crashed in
eastern Ukraine, which is estimated to be worth $97.3 million.
British insurance broker Aon PLC gave the estimate of the
aircraft's value in a report, but Allianz wouldn't confirm the
amount.
"It's much too early to comment on the damage," said Allianz
spokeswoman Bettina Sattler. "Unfortunately after accidents like
this, it usually takes months until the correct scale of the damage
is determined," she added.
Boeing flight MH17 crashed in eastern Ukraine near the Russian
border when it was flying from Amsterdam to Kuala Lumpur. The cause
of the crash is still unclear.
The plane was allegedly shot down, but Ukrainian government and
the pro-Russian separatists in Donetsk have so far blamed one
another for the accident.
Munich-based Allianz said it would pay back the plane's hull and
liability insurance to a pool of primary insurers. It also said it
is in contact with all the parties concerned and will fully support
Malaysia Airlines.
Aircraft are normally insured by several companies as collision
damage must be insured by a hull insurance, and passengers must be
insured via liability insurance. In this case, Allianz is
responsible for both hull and liability reinsurance. The jet is
also insured for damage caused by war. If it is confirmed that the
flight was shot down, then it is likely this insurance would
apply.
Write to Isabel Gomez at isabel.gomez@wsj.com
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