Allianz Global Corporate & Specialty, the lead insurer for the crashed Germanwings plane, says $US300 million ($390 million) of reserves have been set aside to settle claims.

“Initial reserves are normally set by aviation insurers quickly after a major loss and reflect the limited information available at this time, taking a conservative and prudent approach,” the German insurer says.

“The insurers have set a preliminary reserve of about $US300 million to cover all claims and costs from this event, which would be covered by the aviation insurance policies.” 

Allianz Global Corporate & Specialty says the initial figure includes compensation payments to the relatives, the hull value of the aircraft and other costs such as legal support.

The reserve may be altered pending the investigation into the crash in the French Alps.

“An accurate assessment of final settlement will not be possible for some time. Therefore, the reserve figures will be adjusted as full information is confirmed, reflecting the compensation for all affected under these policies, which will be met fully and fairly in line with the applicable law.”

Evidence indicates co-pilot Andreas Lubitz deliberately crashed the Airbus A320 during a flight from Barcelona to Dusseldorf, killing all 150 passengers and crew.