Aon: 4 Airline Crashes Result in $180 Million Bill for Insurers

August 20, 2005

Aon Corp. reported on Friday that the four airline crashes that have hit Canada, Italy, Venezuela and Greece this month, have resulted in August being the worst month for airline losses in more than three years.

According to Aon, the insured hull value was more than $170 million, with the most expensive loss being the Air France Airbus crash at Toronto’s Pearson International Airport. In that crash, the plane skiided off the runway and burst into flames. Fortunately, all passengers and crew survived the incident.

Crashes also involved a Helios Airways plane, a West Caribbean Airways flight, and a Tuninter ATR flight that went down off the coast of Sicily.

In the crash of the Helios Airways plane into a mountain in Greece, all passengers were killed when the plane reportedly had a cabin air malfunction, resulting in many passengers and some of the crew going unconscious prior to the crash.

There were also reportedly no survivors in the crash of the West Caribbean airliner. Thirty-four Italian tourists were on the flight that crashed into the Mediterranean Sea off Sicily earlier this month, with at least 13 reported killed.

While the monetary cost is high, Aon reported that the number of losses still falls within the average number of major airliner crashes over the last three years.

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