Lloyd's already paying out MH370 insurance claims

2014-03-26 19:28
A relative of passengers on missing Malaysia Airlines flight MH370 yells at a security personnel while she attends a protest outside the Malaysian embassy in Beijing. (File, AFP)

A relative of passengers on missing Malaysia Airlines flight MH370 yells at a security personnel while she attends a protest outside the Malaysian embassy in Beijing. (File, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

London - Lloyd's of London, the world's oldest insurance market, says it has already begun to pay out claims for the loss of Malaysian Airlines Flight 370, even as searchers continue to scour the Indian Ocean for wreckage.

It's still far too early to speculate about the cost of the disaster, which will depend in part on what happened to the plane, said Lloyd's chairperson John Nelson. By way of example, he said it took two to three years to sort out what led to the crash of an Air France plane in 2009.

He said the tragedy was compounded by the unusual way in which the disaster unfolded.

"As regrettable as it is, we expect the occasional loss," he said.

Flight 370 was en route from Kuala Lumpur to Beijing when it vanished early on 8 March with 239 people aboard. Although no wreckage has been found, the Malaysian government said this week that satellite data indicates the plane crashed into the Indian Ocean thousands of kilometres from land.

Lloyds, a specialist insurance market, on Wednesday reported pretax profit of £3.2bn for last year as it benefited from the fact the world suffered fewer natural disasters.

But Nelson said the aviation segment remained a small portion of their overall business.

"We have been insuring airplanes since they were first invented," he said. "This is what we do."

- AP
Read more on:    malaysia  |  malaysia airlines flight mh370
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Music

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

As seen on TV - New book releases at only R199 each

Get mind blowing book savings on new titles. Offer valid while stocks last. Shop now!

Save up to 50% on Women’s month treats!

Celebrate the awesome women in your life with awesome treats like beauty products, fashion accessories, bestselling books, electronics and more. Offer valid while stocks last. Shop now!

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

The virtual world can be very tempting to escape into but focus on also being present and keeping your feet anchored in reality....read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.