THE engine failure on the Qantas A380 is expected to generate an insurance claim of about $US70 million ($72.7m) for damage to the aircraft. The aircraft insurance arm of Aon said in its monthly industry update that the incident "has been valued at just under $US70 million as a result of the significant damage to (the) engine and aircraft wing".
This counts only equipment damage, and not business losses from the grounding of Qantas’ A380 fleet, the chartering of alternative planes and potential loss of bookings suffered by Qantas, which may seek compensation from Rolls-Royce Group, maker of the faulty A380 engine.
Aon estimated that the Qantas incident lifted airline industry insurance losses to $US1.96 billion so far this year, slightly below the $US2.09bn recorded at this stage in 2009.
Qantas chief executive Alan Joyce declined on Sunday to estimate the cost of the disruption caused by the engine explosion that forced one of its A380s to make an emergency landing.
Qantas resumed limited A380 service this past weekend for the first time since the November 4 incident.
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