ETHIOPIAN AIRLINES CRASH BIGGEST NON-WAR AVIATION REINSURANCE LOSS

Liability claims following the crash and the subsequent grounding of Boeing 737 Max8 aircraft could be the largest non-war aviation claims  on record according to Willis Re. liability claims for the passengers’ loss of life and the grounded aircraft could total around a billion dollars says James Vickers Chairman of Willis Re. The losses could erode three to four years of aviation reinsurers premium in the global excess of loss category of reinsurance.

In excess of loss reinsurance, the Insurers are on the hook for the first part of the claim and reinsurers only pay out on claims above a certain level.

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