Aioi Insurance Co., which lost hundreds of billions of yen in reinsurance contracts as a result of the Sept. 11 terrorist attacks in the United States, faces new reinsurance obligations due to three aircraft crashes earlier this month, industry sources said Saturday.
The insurer has several hundreds of million yen in reinsurance obligations resulting from the May 4 crash of an EAS Airlines jet in northern Nigeria, the May 7 crash of an EgyptAir plane in Tunisia and the May 7 crash of a China Northern Airlines passenger aircraft in the sea off Dalian, they said.
The reinsurance contracts concern nonlife damages and other material damages to the aircraft.