Insight and Intelligence on the Global Facultative Markets

5 February 2012

Madrid plane crash to hit personal accident market

2 September 2008

The Spanish personal accident market is set to take a Eur33mn hit from last month's air disaster, when a Spanair McDonnell Douglas MD-82 crashed at Madrid airport, claiming 154 lives, according to sources.
Inside FAC understands that ACE Ltd is reserving Eur5m as one of the main insurers liable for the PA hit, and estimates that it has a 15 percent share of the Spanish market for such covers.
The PA losses relate to polices that are included as extras...

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