Ethiopian Airlines Flight 302 crashed shortly after take off, south of the Ethiopian capital Addis Ababa on Sunday, killing 157 passengers and crew. StrategicRISK is placing the crash under the microscope and will be investigating further. Here’s what we know so far
Willis Towers Watson is the broker for Ethiopian Airlines, the company confirmed to Reuters news agency, adding that Chubb was the lead underwriter.
Ethiopian Airlines Flight 302 – a Boeing 737 Max aircraft – crashed shortly after take off south of the Ethiopian capital Addis Ababa on Sunday killing 157 passengers and crew.
Once the dust settles on the human cost of the accident, focus will inevitably turn to the material cost. A well-placed source told StrategicRISK’s sister title, Insurance Times, that the price of the near-new plane alone would be approximately $110m (£82m), and likely to have been insured for $130-$150m
”Its early days on the liabilities, and it will depend on the ticketing, nationalities etc., if its a million [US dollars] a head that’s $157m, if its 2 million a head it would be $315m, its far too early to say.”
The European Union and India have banned Boeing 737 Max aircraft from flying over their airspace.
It was the second fatal accident involving the 737 Max 8 model in less than five months.