Japan Airlines expects to lose more than $100 million after one of its jets collided with another plane on the runway when it arrived at Tokyo's Haneda airport.
The 379 passengers and crew on board the JAL (9201.T) Airbus (AIR.PA) A350 widebody airplane evacuated before the plane was entirely consumed in flames that took over six hours to extinguish.
However, five of the six crew members of the other aircraft - a smaller Coast Guard jet on its way to provide help to earthquake-ravaged areas on Japan's west coast - were killed, while the surviving pilot was severely injured.
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According to media sources, transportation authorities are investigating the circumstances that led to the Coast Guard plane entering the runway where the passenger airplane was landing, and police are looking into probable professional negligence in the case.
Air traffic control ordered the Coast Guard plane to fly to a holding area near the runway minutes before the disaster, according to transcripts obtained by officials, instructions the pilot appeared to have read back in recognition.
According to the transcripts, Japanese authorities confirmed on Wednesday that the passenger flight had been given clearance to land, but the smaller plane had not been approved for takeoff.
On Thursday, Japan Airlines (JAL) projected that the collision of its flight JL516 with the Coast Guard aircraft would result in a loss of around 15 billion yen ($104.81 million) in operating revenue.
The aircraft's loss will be reimbursed by insurance, according to the firm, which added that it was reviewing the impact on its earnings estimate for the fiscal year ending March 31.
According to insurance industry insiders, AIG (AIG.N) was the lead insurer on a $130 million "all-risks" policy for the two-year-old jet destroyed by fire. AIG refused to comment.
