Allianz is Lead Insurer of Germanwings Plane

The Allianz Arena in Munich, Germany.
The Allianz Arena in Munich, Germany.
The Allianz Arena in Munich, Germany.

Allianz SE, a German multinational financial services company that focuses on insurance, said it is ready to support Germanwings as fully and as quickly as possible after it confirmed that it is the lead insurance underwriter of the plane that crashed in the French Alps.

Allianz said it will work in conjunction with its co-insurers – AIG, which had an underwriting element involved, and JLT and Willis, who were joint brokers on the insurance placement.

“We are ready to support our client as fully and quickly as possible, working in conjunction with our co-insurers,” Allianz said.

Reuters reported that the ill-fated German Airbus A320 plane had an insured loss of USD6bn to USD7bn, although the cause of the crash is still being investigated.

Allianz confirmed in a statement its involvement in the insurance of Germanwings, whose crash became the latest in a string of incidents involving overseas airlines.

In December 2014, an AirAsia plane crashed on its way to Singapore from Indonesia while a Malaysian Airlines plane was shot down over eastern Ukraine in July.