Dublin based aircraft leasing company, AerCap, has received an insurance payout of approx. $572m, which fully settles insurance claims against Russian airlines Ural Airlines and S7 Airlines concerning leased airframes and engines.
The payment was confirmed in a December 22, 2023, filing with the US SEC by AerCap which subsequently released its insurance claims against the two Russian airlines and their international reinsurers related to 47 aircraft and five spare engines.
At the time of the dispute, AerCap had 18 aircraft and one spare engine with Ural Airlines, and 29 aircraft and four spare engines with S7 Airlines.
AerCap also has a separate claim for approximately $836m against its All Risks insurers under its contingency insurance policy, which will be amended following the recent settlements.
However, it remains uncertain if any subsequent discussions over remaining claims with other Russian airlines will result in any insurance settlement.
In the third quarter of 2023, AerCap had settled a $646m insurance claim concerning 17 aircraft and five spare engines that were formerly leased to Aeroflot and Rossiya.
