Taiwan: Primary insurers not significantly affected by TransAsia crash
Source: Asia Insurance Review | Mar 2015
The primary insurers of the crashed TransAsia Airways GE235 which killed at least 31 people have said they will not be significantly impacted, according to Reuters.
Cathay Financial Holding Co Ltd, Taiwan Fire & Marine Insurance Co Ltd and Mega Financial Holding Co Ltd have said they expect no significant financial impact from related claims. Taiwan Fire & Marine said it had underwritten TransAsia’s aviation hull and passenger liability insurance and estimated its maximum retained loss at US$225,000.
This is the airline’s second French-Italian-built ATR 72 aircraft to crash in the past seven months. The airline which is privately-owned, suffered a serious crash in July last year when flight GE222 crashed near the airport at Magong on the Penghu island chain during a rainstorm, killing 48 people and injuring 10 others. American International Group Inc was the lead insurer then.