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In a recent development, Japan Airlines Co Ltd (OTC:JAPSY) has estimated a loss exceeding $100 million as a result of a catastrophic plane accident at Tokyo’s Haneda airport.
What Happened: An Airbus SE (OTC:EADSF) operated by JAL collided with a smaller Coast Guard plane on the airport runway earlier this week. The collision led to an immense fire that completely destroyed the Airbus, which was carrying 379 passengers.
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An investigation regarding the circumstances leading up to this unfortunate incident has been initiated by Japanese authorities. This investigation includes a focus on potential professional negligence. Transcripts disclose that the Coast Guard plane was instructed to go to a holding point near the runway, but it had not been given clearance for takeoff when the collision occurred.
The anticipated financial loss from this accident is approximately 15 billion yen ($105 million), as per a statement by JAL on Thursday. The loss will be insured, with American International Group Inc (NYSE:AIG) expected to be the primary insurer on a $130 million policy for the two-year-old Airbus.
Why It Matters: The Coast Guard aircraft was assigned to provide earthquake relief in Niigata. The mishap led to the tragic deaths of five crew members aboard the Coast Guard plane, which was on its way to offer aid to regions on Japan’s west coast affected by earthquakes. This accident marks the first-ever hull loss for the A350 model globally, as recorded by the Aviation Safety Network. Following the New Year’s break, JAL’s Tokyo-listed shares decreased by 2.4% initially but later recovered with a 0.77% increase.
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Image Via Shutterstock
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