AerCap is trying to get $3.5 billion from insurers for “lost” planes in Russia
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The world’s largest aircraft lessor, AerCap, has filed a lawsuit against its insurers demanding compensation for losses from the confiscation of more than a hundred of the company’s aircraft by the Russian authorities, writes Financial Times. The company wants up to $3.5 billion from insurance companies with which it cooperates. The defendants in the lawsuit are a group of insurance companies led by AIG and a group led by Lloyd`s of London.
As the newspaper notes, AerCap’s litigation with insurers is likely to last more than one year, and consideration of the case on the merits in court will most likely begin only next year.
Recall that the Irish company announced February 28, which terminates cooperation with Russian airlines in connection with the US and EU sanctions imposed on the Russian Federation for the start of a military operation in Ukraine. Later, the Russian authorities passed a bill that allowed Russian operators to register the rights to leased foreign aircraft.
AerCap, in its lawsuit, specifies that due to the sanctions imposed against Russia and the response to these sanctions by the Russian government, the company “lost” 116 aircraft and 23 engines. The lessor believes that the confiscation of aircraft and engines falls under the insured event. AerCap seeks payouts from the Lloyd’s-led war risk group or the company’s general risk group (led by AIG).
Insurers, in turn, do not consider AerCap aircraft lost. AIG notes that the confiscation of the aircraft and engines of the Irish company is a political decision, which is not included in the list of insured events for which AerCap can count on compensation. A group of insurance companies led by Lloyd`s refers to the fact that a military insured event occurs only when the aircraft or cargo was destroyed during military operations, and AerCap aircraft continue to fly.
In May, AerCap filed a lawsuit in a London court against the Dutch subsidiary of the Russian carrier Volga-Dnepr in connection with the confiscation of leased aircraft.
Read about the problems with aircraft insurance in Russia in the material “At your own risk”.
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