Boeing 737 MAX : the manufacturer claims 3 billion USD from insurers

Boeing's insurance claims have exceeded the 3 billion USD mark. The amount includes the damages linked to the Ethiopian Airlines accident which went from 990 million USD to 2.25 billion USD, plus 500 million USD for the losses linked to the defective planes.

The damages related to the crash of Lion Air's 737 MAX are also likely to cost hundreds of millions USD. However, no further details have been disclosed.

Boeing's cash claim is the largest ever in the aviation market. Given the magnitude of the damages, the reinsurance market will be severely impacted, and this is especially true for the leading companies, namely Swiss Re, Hannover Re and Munich Re.

Other companies involved in the Boeing 737 MAX loss include PartnerRe, Liberty Specialty Markets, Lancashire, Cathedral, the Atrium Consortium and Tokio Marine & Nichido Fire.

For the record, the aircraft manufacturer's insurance policies cover the cost of damages related to:

• the grounding of defective aircraft,
• the destruction of the Ethiopian Airlines 737 MAX in March 2019,
• the loss of the Lion Air aircraft in October 2018.