The Russian plane loss could cost 24 million USD to insurers

On October 31, 2015, an Airbus of the Russian company Kogalymavia Airlines (Metrojet), providing the link between the resort of Sharm el-Sheikh in Egypt and St. Petersburg in Russia crashed in the desert of Sinai, 23 minutes after its takeoff. The 224 passengers including seven crew members perished in the crash.

The causes of the accident are not yet known. However, the assumption of an attack remains considered especially after the claims of the "Islamic State" group. The wreckage was identified over a large area of about 20km2, which proves that the dislocation occurred at high altitude.

Kogalymavia Airlines fleet is insured by a consortium including Allianz Global Corporate & Specialty (AGCS) and the Russian company Ingosstrakh as the leading insurers. The loss of the aircraft is expected to cost 24 million USD, 15% of which would be borne by Allianz.

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