German insurance provider Allianz will pay hundreds of millions of dollars in payouts for three major airline crashes this year, including AirAsia Flight 8501, the New York Times reported.
AirAsia Flight 8501 was traveling from Surabaya, Indonesia to Singapore on Sunday when it disappeared. The remains of the plane were discovered Tuesday in the Java Sea. There were 162 people on board.
Allianz is the lead reinsurer for AirAsia, as well as Malaysia Airlines, which experienced two disasters earlier this year – Flight 370, which disappeared in March, and Flight 17, which was shot down over Ukraine.
Experts estimate that insurance companies will have to pay about $1.8 billion for airline claims this year. However, no single company is expected to have to pay so much that its financial strength will be threatened. Risks are typically spread out among a primary insurer and a second tier of companies known as reinsurers. The lead reinsurer takes on the largest risk of this group, which can include 20 or more members.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more