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Lufthansa Anticipates Insurance Claim of $300 Million following Germanwings Plane Crash

Lufthansa AG expects an insurance claim of around $300 million in connection with the crash of its Germanwings aircraft in the French Alps, a spokesman for Germanwings’ parent Lufthansa said.

The $300 million includes expected claims from a passenger liability policy and from insuring physical damage to the aircraft, the spokesman said.

The bulk of the overall loss for which insurers will have to pay relates to the passenger liability policy that covers the 150 victims, and costs will depend on the nationality of the victim, among other things, insurance rating agency A.M. Best estimates. Those costs will be shared by a consortium of 10 insurers led byAllianz SE, which is backed by reinsurers.

There is more certainty around the ultimate cost of physical damage to the destroyed aircraft, which was valued at $6.5 million, A.M. Best says.

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