Losses from Boeing 737 Max 8 aircraft operated by Ethiopian Airlines is speculated to be between 50 million dollars and 60 million dollars, an insurance firm, Willis Towers Watson (WTW) said on Tuesday.

The aircraft heading to Nairobi crashed on March 10, after take-off from Addis Ababa, killing all 159 passengers on board including two Nigerians.

WTW is an Irish-domiciled global multinational risk management insurance brokerage and advisory company.

The firm dates back to 1828 and is the third largest insurance broker in the world.

According to a Reuters report, the global insurance brokerage and risk management firm says it is the insurance broker for Ethiopian Airlines.

The Nigerian victims were identified as a popular Nigerian-born Canadian professor and writer, Pius Adesanmi, and Ambassador Abiodun Bashua, a former Joint Special Representative for the African Union-United Nations Hybrid Operation in Darfur, Sudan.

According to an insurer, major insurance covers for aircraft are the hull all risks, passenger and passenger baggage legal liability, third party legal liability, and crew personal accident.

The hull all risks indemnify against accidental loss or damage to the aircraft, excluding when the aircraft is on the ground, taxing or is moored. (Reuters/NAN)