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European insurers' tab for Boeing crashes likely to total $450 million

Lion Air Boeing MAX 9 airplane at Bangkok airport

European insurers and reinsurers are expected to pay up to $450 million to cover damage related to the recent Boeing 737 Max 8 aircraft crashes in Ethiopia and Indonesia, Bloomberg reported citing sources. Germany-based Munich Reinsurance Co. is likely to pay $168 million, Swiss Re Ltd. is expected to pay $135 million while Allianz S.E. and Switzerland-based Zurich Insurance Group A.G. could settle $91 million worth of claims. The total passengers' liability claims could exceed more than $1 billion, the sources said.

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