Hannover Re faces €30m losses from Malaysian jet

German reinsurer, Hannover Re has estimated losses of up to €30 million following the disappearance of the Malaysian jet, flight MH370.

The jet, which disappeared on March 8 carrying over 230 passengers was thought to have disappeared over the Pacific Ocean, but it has since been confirmed that after losing contact with air traffic controllers, the plane could have kept flying as far north as Kazakhstan in Central Asia or deep into the southern Indian Ocean.

Last week, Allianz confirmed that it is the lead insurer for Malaysia Airlines and extended its regards to those involved.

“We extend our sympathy to all those affected by the loss of flight MH370, and will be working closely with co-insurers to support our client, Malaysia Airlines, as fully and quickly as possible,” said a company exposure.

At the time of going to press, Hannover Re had not responded to comment on this story.