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Sarah Veysey

Allianz leads insurance for missing Malaysia Airlines jet

March 10, 2014 - 9:36am

Missing Malaysia Airlines Plane

A Malaysia Airlines Boeing 777 aircraft carrying 227 passengers and 12 crew members went missing 40 minutes into a flight from Kuala Lumpur, Malaysia, to Beijing on Saturday, March 8.


Malaysia Airlines has more than $100 million in hull and liability coverage led by Munich-based Allianz S.E. for the jet that went missing Saturday, according to sources.

Willis Group Holdings P.L.C. placed the hull and liability package. A spokesman for Willis said that the brokerage was working closely with authorities and the airline but that it was too early to give any details about the incident.

The Boeing 777 aircraft carrying 227 passengers and 12 crew members went missing 40 minutes into a flight from Kuala Lumpur, Malaysia, to Beijing Saturday.

The plane, which did not send a distress signal, has not been found.

The cause of the incident is unknown.

On Monday, Malaysia's civil aviation chief, Azharuddin Abdul Rahman, said that the fate of the aircraft remained “a mystery” and said that hijacking had not been ruled out as a possible cause.

Reports stated that two passengers on the flight were travelling on stolen passports.

The majority of the passengers were Chinese. There were three U.S. citizens on board the flight, according to information from Malaysia Airlines.

In a statement, the airline said that it had given immediate financial assistance to families of those on board the missing flight.

The company said that search and rescue teams from Australia, China, the Philippines, Singapore, Thailand and the United States were helping with efforts to recover the plane.

 



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