Policies not triggered, state insurers in case against Dubai Aerospace Enterprise | Insurance Business New Zealand
Insurers of aircraft lessor Dubai Aerospace Enterprise (DAE) insist the latter isn’t eligible for compensation.
The 11 defendants – Lloyd’s, Abu Dhabi National Insurance Company, AIG, AXIS Specialty Europe, Chubb, Fidelis Insurance Ireland, Global Aerospace Underwriting Managers, Great Lakes Insurance, HDI Global Specialty, Starr Europe Insurance, and Swiss Re – in the High Court case in London argue in their submissions that sanctions against Russia have not triggered DAE’s insurance policies.
According to Law360, DAE is claiming a total of US$875 million (around NZ$1.36 billion). As previously reported, the Dubai-headquartered aircraft lessor had written off US$576.5 million for 19 planes stuck in Russia.
Last week, DAE reported that the fleet size of its DAE Capital division for the full year 2022 stood at around 500. The number spans the company’s owned, managed, committed, or mandated-to-manage aircraft. DAE Capital has 118 customers in 59 countries, while the DAE Engineering segment served over 50 customers in 25 countries in FY22.
Meanwhile, a recent lawsuit added to the mix – also in the UK – is that by Merx Aviation Servicing against Chubb Europe and others.