The Tamil Tiger rebel suicide attack at Sri Lanka's international airport last month has cost more than just lives.
Gunmen targeted a nearby military base, blowing up six passenger planes, including three Airbuses.
Eighteen people were killed in the assault and eight military planes were set alight.
Market sources have reported that to date there has been a claim for £360m, but there is speculation this could rise to £500m.
London Market insurer Ace has confirmed it underwrote 28% of the policy.
Air fares between Europe and Sri Lanka have also seen an increase of 10% because of high insurance surcharges.