German re/insurer Munich-based Allianz SE has begun the process of paying insurance on the 777 aircraft that mysteriously went missing nearly two weeks ago, according to a US industry publication.

News broke that payments were being made as reports were released that the Malaysia Airlines’ wreckage may have been found off the coast of Australia.

Business Insurance earlier reported that, according to its sources, Malaysia Airlines has more than $100 million in hull and liability coverage led by Allianz SE.

Aviation insurance policies usually include a tight time schedule of when payments have to be made to prevent disputes after an accident.

The online insurance news publication said: “German insurance giant Allianz has started paying out millions of euros for the missing Malaysia Airlines passenger jet MH370.”

It also reported: “The airline and relatives of the missing passengers will be paid, a spokeswoman for the firm said on Wednesday in Munich, confirming a report in the Handelsblatt newspaper. Allianz is the main party of a consortium which insured the Malaysia Airlines fleet, the Handelsblatt said.”

In Bermuda, Allianz Risk Transfer (Bermuda) Ltd, is located at Overbay on Pitts Bay Road. Willis Group Holdings PLC brokered the hull and liability coverage for the Malaysia Airlines jet.

The plane disappeared from radar screens on March 7. It was flying from Kuala Lumpur en route to Beijing, China, with 227 passengers and 23 crew members on board.