Allianz taking $30 mn hit on Malaysia Airlines plane loss: CFO Dieter Wemmer

FRANKFURT: Allianz has taken a $30 million hit, or about 9 per cent of the insured market loss, on the Malaysia Airlines plane that disappeared in March, the German insurer said on Wednesday.

The insured market loss on the plane is around $350 million, which is higher than initially expected because the costs for searching for the plane have to be added to the loss itself, Allianz Chief Financial Officer Dieter Wemmer told a conference call with journalists on Wednesday.

Allianz is the lead insurer covering the jet.

More than two dozen countries have been involved in the hunt for the Boeing 777 that disappeared from radar shortly after taking off from Kuala Lumpur for Beijing with 239 people, mostly Chinese, on board in one of the world's greatest aviation mysteries