AXA named as lead insurer for Airbus crash

AXA is the lead insurer for the Air France Airbus that crashed over the Atlantic on Monday carrying 228 passengers and crew. The cover was placed in Paris by JLT; the London leader on the slip is XL Insurance.

One airline underwriter told Global Reinsurance, Insurance Times’ sister publication, that it was a “market-changing event”. He said: “This will change the flavour of the market completely – it will be interesting to see how reinsurers respond.”

The Airbus 330-200 has a hull value of $99m, according to airline underwriters and the liability could run as high as $1bn if, as expected earlier this week, there are no survivors.

According to news reports, the aircraft reported a short circuit as it flew through a storm above the Atlantic Ocean.

One possibility is that it was struck by lightning.