Insurers face ‘mega trial’ over planes stranded in Russia
Insurers are facing a “mega trial” in London’s High Court next year after they refused to pay billions of dollars of claims made by aircraft leasing companies with planes stranded in Russia by its invasion of Ukraine.
AerCap, the world’s largest owner of commercial aircraft, is taking action against insurance groups AIG, Lloyd’s of London and Fidelis after its planes were stranded in the chaotic aftermath of the invasion.
AerCap had argued against one “mega trial”, which would be one of the biggest in UK insurance for years. Mark Howard KC, barrister representing AerCap, said that a single big trial “would be a procedural nightmare” and told the court that AerCap wanted its case to be heard as soon as possible.
“[The] evidence is that we are out of pocket by either $1bn or $3bn . . . this is a colossal sum of money,” he said.
This story originally appeared on: Financial Times - Author:Ian Smith
