Deutsche Bank has predicted losses from the Ethiopian Airlines crash and grounding of Boeing’s 737 Max 8 aircraft will affect the entire insurance industry. The U.S. Federal Aviation Administration (FAA) issued a draft rule on Thursday that would require airlines to disclose how much they spend each year in connection with crashes involving their aircraft. These losses will likely be incurred primarily by Chubb and Willis Towers Watson, who were earlier confirmed as the lead insurer and broker for Ethiopian Airlines, respectively. However, Munich Re expects to see reinsurance losses up to €120m ($134m). Further claims may follow if Boeing's software is deemed to have malfunctioned, air carriers claim for business interruption from the Boeing grounding, or lawsuits arise and D&O policies are activated.
Deutsche Bank has predicted losses from the Ethiopian Airlines crash and grounding of Boeing’s 737 Max 8 aircraft will affect the entire insurance industry. The U.S. Federal Aviation Administration (FAA) issued a draft rule on Thursday that would require airlines to disclose how much they spend each year in connection with crashes involving their aircraft. However, Munich Re expects to see reinsurance losses up to €120m ($134m). Further claims may follow if Boeing's software is deemed to have malfunctioned, air carriers claim for business interruption from the Boeing grounding, or lawsuits arise and D&O policies are activated.