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The twin disasters involving the 737 Max — the latest variant of the world’s most widely flown jetliner — are unusual because the aircraft itself is being investigated as the possible culprit. (Photo: Scott McIntyre/Bloomberg) The twin disasters involving the 737 Max — the latest variant of the world’s most widely flown jetliner — are unusual because the aircraft itself is being investigated as the possible culprit. (Photo: Scott McIntyre/Bloomberg)

(Bloomberg) — Europe’s biggest insurers are on the hook for as much as $450 million from a pair of airline crashes involving Boeing Co. 737 Max planes.

Munich Re reckons it could pay $168 million, an estimate that Chief Financial Officer Christoph Jurecka called “very conservative.” Swiss Re expects to pay up to $135 million; Hannover Re says it will pay out as much as $56 million. Allianz SE and Zurich Insurance Group AG — covering directors and officers’ liability — may have to part with a combined $91 million.

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