Middle East - UAE: Chubb is lead insurer of crashed Flydubai plane
Source: Middle East Insurance Review | May 2016
Chubb is the lead underwriter for the Dubai-based budget carrier Flydubai which crashed in Russia killing all 62 people on board, reported Reuters citing two insurance industry sources.
One source said the jet was insured for US$48.99 million. A Chubb spokesman declined to comment.
Willis Towers Watson is the broker of the cover, a company spokesman said.
Meanwhile, Flydubai has announced that it will pay a total of $1.24 million, or AED4.59 million, to the families of 62 people aboard on the ill-fated flight FZ981, reported the Khaleej Times. This is an initial payment and there will be more payouts to the families of all 62 people. This works out to $20,000 or AED74,000 per family of each passenger.
The initial payment of $20,000 per passenger will be “in accordance with our Conditions of Carriage, with the aim of addressing immediate financial needs”, the Dubai carrier said in a statement.
Russian Transportation Minister Maxim Sokolov said that Flydubai is covered by insurance worth $500 million, according to the Rossiya-24 news channel.
The Boeing 737-800 crashed in the early hours of 19 March at Rostov-on-Don airport in southern Russia while trying to land in strong winds.
AED1 = US$0.27