Missing Malaysia Airlines plane could cost Hannover Re 30 million euros

Reinsurance provider Hannover Rück SE could spend about €30 million on claims arising from missing Malaysia Airlines Flight MH370, published reports indicate.

Reuters Friday quoted Ulrich Wallin, chief executive officer of Hannover Re, as saying the Hannover, Germany-based carrier expects to “see a hit” of about €30 million.

“Hannover Re has suggested its own net loss from the incident might be in the region of €30,” ratings firm A.M. Best Company Inc. reported Friday.

As of Friday, the Euro was trading at $1.54.

Malaysia Airlines Flight MH370, a Boeing 777, stopped communicating with Air Traffic Control about 40 minutes into a flight destined for Beijing on March 8, Associated Press reported.

Earlier Friday, AP quoted Hishammuddin Hussein, Malaysia’s Minister of Transport, as saying officials “had yet to determine what happened to the plane after it dropped off civilian radar and ceased communicating with the ground around 40 minutes into the flight to Beijing on March 8.”

Photo courtesy of Boeing