Printed from

AIG leads Asiana Airlines' insurance program

Posted On: Jul. 8, 2013 12:00 AM CST

AIG leads Asiana Airlines' insurance program

American International Group Inc. led the hull and liability coverage for the Asiana Airlines aircraft that crashed on landing at San Francisco International Airport on Saturday, sources say.

Two passengers were killed and more than 180 injured when the Boeing 777 flight from Seoul, South Korea, crashed at San Francisco Airport on Saturday.

Sources in London said Willis Group Holdings P.L.C. placed the airline's hull and liability insurance coverage.

The South Korean financial services regulator, the Financial Supervisory Service, said in a statement that the aircraft carried liability insurance of up to about $2.2 billion, liability coverage for its crew of about $3 million, and hull coverage of about $130 million.

It said that 10 South Korean insurers shared about 4% of the coverage and that the rest was underwritten in the international markets.

In a statement, Asiana said that of the 291 passengers onboard the aircraft, there were 141 Chinese, 77 Koreans, 64 Americans, three Indians, three Canadians, one French, one Japanese and one Vietnamese. The flight also had 16 crew members, Asiana said.

The U.S. National Transportation Safety Board is investigating the cause of the accident. According to news reports, the plane's pilot, who was still in training, may have tried to abort the landing before the crash.