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Mar 2020

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Iran: Govt to pay more than $100m for downed airliner

Source: Middle East Insurance Review | Feb 2020

The Iranian government will pay $100-$150m in compensation for the Ukrainian plane which was accidentally shot down on 8 January by an Iranian-fired missile, said Mr Gulamali Jahangiri, deputy chairman of the Central Insurance of Iran, reported Trend News Agency.
 
The three-year-old Boeing 737-800 aircraft was owned by Ukrainian International Airlines. Compensation will be paid based on an agreement between Iran and Ukraine, according to Mr Jahangiri. If the plane crashed, insurers would have to pay compensation. Due to the fact that the plane was shot down, the situation is different.
 
“A new Boeing 737-800 model costs $100m. However, the plane shot down in Iran had been used for three years,” he said.
 
He added that approximately $70m will be paid for damage to the plane. “The luggage cost of each passenger, based on estimates by international insurance organisations, is estimated at $1,000-1,500,” he said.
 
According to him, insurance cover for passengers and crew is approximately $24m.
 
Iran’s Armed Forces General Staff issued a statement on 11 January saying that the aircraft was shot down minutes after takeoff in Tehran by the Iranian Air Defence System, killing all 176 people on board. M 
 
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