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Allianz starts payments on missing flight MH370
Last Updated: 2014-03-20 01:00 | Xinhua
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German insurer giant Allianz has started payments on claims related to the missing Malaysia Airlines flight MH370, a spokesman of the company confirmed on Wednesday.

"We can confirm that Allianz Global Corporate & Specialty and other co-reinsurers of the Malaysia Airlines aviation hull and liability policy have made initial payments as defined in the policy," said Hugo Kidston, Global Head of Communications in the industrial and specialty insurer of Allianz Group, in an emailed statement sent to Xinhua.

Last week, Allianz confirmed that it was the lead insurer of the missing Boeing 777 plane, which disappeared from radar on its way towards Beijing China from Kuala Lumpur Malaysia on March 8, with 239 people, including 154 Chinese people, on board.

Kidston declined to comment on details of the payments, only saying that it was "in line with normal market practice and our contractual obligations where an aircraft is reported as missing".

On Tuesday, local media reported that the total amount of the payments would be about 100 million U.S. dollars. How much would Allianz shoulder remained unclear, as there were other insurers in the insuring consortium.

"We continue to work closely with all involved parties and our client, Malaysia Airlines, to support them as fully and quickly as possible," Kidston said.

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