Aon estimated that the Qantas incident lifted airline industry insurance losses to $1.96 billion so far this year, slightly below the $2.09 billion recorded at this stage in 2009. -- Newtron23/11/20106/12/2010Canberra Zimbabwe368

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: Tuesday, November 30, 08:36:55am
Author: failure
Subject:

Aon estimated that the Qantas incident lifted airline industry insurance losses to $1.96 billion so far this year, slightly below the $2.09 billion recorded at this stage in 2009.

Qantas A380 Engine Failure May Generate $70M Insurance Claim:Aon
30/11/2010 3:30AM

By Doug Cameron
Of DOW JONES NEWSWIRES

The engine failure that forced Qantas Airways Ltd. (QAN.AU) to ground its fleet of Airbus A380s is expected to generate an insurance claim of about US$70 million for damage to the aircraft, one of the industry's largest brokers said Monday.

Alan Joyce, the Australian airline's chief executive, on Sunday declined to estimate the cost of the disruption caused by the engine explosion that forced one of its A380s to make an emergency landing. Qantas resumed limited A380 service this past weekend for the first time since the Nov. 4 incident.

The aircraft insurance arm of Aon Corp. (AON) said in its monthly industry update that the incident "has been valued at just under US$70 million as a result of the significant damage to [the] engine and aircraft wing."

This counts only equipment damage, and not business losses from the grounding of the A380 fleet, the chartering of alternative planes and potential loss of bookings suffered by Qantas, which may seek compensation from Rolls-Royce Group PLC (RYCEY, RR.LN), maker of the faulty A380 engine.

Aon estimated that the Qantas incident lifted airline industry insurance losses to $1.96 billion so far this year, slightly below the $2.09 billion recorded at this stage in 2009.

-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=hoi4UAhGpybSABbnGFFGDA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

November 29, 2010 11:30 ET (16:30 GMT)

Copyright (c) 2010 Dow Jones & Company, Inc.

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Qantas, Australia Post To Restructure Freight Ventures -Report -- SYDNEY (Dow Jones)--Qantas Airways Ltd. (QAN.AU) and Australia Post have decided against merging the two joint-venture freight companies they operate, says a report in Tuesday's Australian Financial Review., Tuesday, November 30, 08:39:06am