By Enda Curran
HONG KONG--German insurance giant Allianz SE said a unit which
acted as lead reinsurer on the two lost Malaysia Airlines flights
this year is also the underwriter for AirAsia, whose jetliner went
missing Sunday with 162 people on board.
Indonesian officials on Monday said that they suspect AirAsia
Flight 8501 is "at the bottom of the sea" after losing contact with
air traffic control less than an hour after takeoff on Sunday
morning en route to Singapore from the Indonesian city of
Surabaya.
"We can confirm that Allianz Global Corporate & Specialty
U.K. is the lead reinsurer for AirAsia for aviation hull and
liability insurance," a company spokeswoman said in emailed
remarks. "We stand by to support our client as fully and quickly as
possible, working in conjunction with the insurance broker and our
co-reinsurers."
Aviation reinsurance is usually split between providers covering
the loss of passengers and the plane, and a separate policy that
covers the plane against a malicious act.
Private insurance contracts taken out by the passengers are
separate.
Write to Enda Curran at enda.curran@wsj.com
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