Insurance giant led on policy for doomed Germanwings flight

german wings

Allianz has confirmed it was the lead underwriter for the Airbus A320 airliner that crashed in the French Alps yesterday.

All 150 people on board the plane, operated by Lufthansa’s Germanwings budget airline, died in the disaster.

In a statement, an Allianz spokesperson said: “It would not be appropriate to comment on the details of this tragic event at this stage, except to say that our thoughts are with all those involved. We can confirm that Allianz Global Corporate & Specialty is the lead insurer of the Germanwings aviation ‘hull and liability’ policy that covers this flight 4U 9525.

“As is normal practice in aviation insurance, AGCS shares the policy coverage with a number of co-insurers. We are ready to support our client as fully and quickly as possible, working in conjunction with our co-insurers.”

AIG was also in the consortium of underwriters, according to Reuters’ insurance industry sources, who also identified JLT and Willis as joint brokers for the placement. The plane is estimated to have had an insured loss worth of $6m-$7m.

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