According to a report released recently by reinsurancene.ws., the damages from Boeing 737 Max run by Ethiopian Airlines which crashed shortly after liftoff from Addis Ababa on Sunday has been sized up to be approximately $50m to $60m,
The airline, which was heading to Nairobi, killed all 157 passengers on board including two Nigerians.The Nigerian victims were identified as a popular Nigerian-born Canadian professor and writer, Pius Adesanmi, and Ambassador Abiodun Bashua, a former Joint Special Representative for the African Union-United Nations Hybrid Operation in Darfur, Sudan.
On Monday, Global insurance brokerage and risk management firm, Willis Towers Watson, through it’s spokeswoman, disclosed it is the insurance broker for Ethiopian Airlines, according to a Reuters report.
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The WTW spokeswoman added that Chubb was the lead underwriter for the Ethiopian Airlines account.
Flight ET302 left Addis Ababa at 8:38 am local time and was bound for Nairobi, Kenya. Contact with the jetliner was lost by 8:44 am, according to Ethiopian Airlines.
The firm’s Chief Executive Officer, Tewolde GebreMariam, said the pilot stated problems shortly after takeoff and was cleared to return to the airport.
According to an insurer, major insurance covers for aircraft are the hull all risks; passenger and passenger baggage legal liability; third party legal liability; and crew personal accident.
The hull all risks indemnify against accidental loss or damage to the aircraft excluding when the aircraft is on the ground, taxing or is moored.