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The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak. -
This publication unpicks one of the most complex loss events to hit the market to date.
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Liberty Specialty Markets is understood to be the lead insurer on the policy, while Howden is understood to be the broker.
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The lessor has 10 planes on the ground in Russia, representing less than 1% of its fleet value.
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Insurers have paid out $580mn to policyholders already.
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The lessor was able to recover two planes from Russian airlines since the start of the conflict, while 10 remain on the ground in Russia and Ukraine.
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The lessor has 17 aircraft on the ground in Russia, while one other plane leased to a Russian airline was outside Russia before sanctions were imposed.
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The possibility for lessors to claim on airline policies has added another layer of complexity to the unprecedented loss scenario for aviation.
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The Corporation has been in negotiations with landlord PingAn over its future in the iconic building.
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The lessor confirmed it is “vigorously pursuing” insurance claims relating to the $802.4mn worth of stranded equipment.
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European storms have inflicted heavy claims on insurers in recent years.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
