By Ulrike Dauer 

FRANKFURT--Relatives of victims of the Germanwings Flight 9525 that crashed in the French Alps last week can expect a complete, fair and swift settlement of insured costs, although final assessments will take some time, the insurers of the flight and Germanwings parent Deutsche Lufthansa AG pledged on Wednesday.

"Lufthansa Group and its aviation insurers, led by Allianz Global Corporate & Specialty, can confirm that all claims arising from the loss of Germanwings flight 4U9525 will be addressed fully, fairly and as quickly as possible, in close consultation with the next of kin of the passengers and their representatives," the 10-member insurance consortium led by Allianz SE said. It cautioned, however, that an accurate assessment of the final amounts to be settled "will not be possible for some time."

On Tuesday, Lufthansa said its aviation insurers set aside around $300 million in connection with the crash that killed all 150 people on board, including six crew members.

Still, that amount is based on initial, preliminary assessments and will be adjusted as full information becomes available, the insurers said Wednesday. The sum set aside includes compensation payments to passengers' relatives, the hull value of the aircraft, accident support and investigation service on the crash site, legal support and assistance.

Payment for the destroyed aircraft will be handled by a separate consortium of "hull war" insurers. This will mainly be the Lloyd's market, the dominant player in the hull-war insurance market, insurance rating agency A.M. Best says, adding the aircraft was valued at $6.5 million. A spokeswoman for Lloyd's declined to comment.

French prosecutors have said they suspected that the co-pilot, Andreas Lubitz, deliberately flew the aircraft into an alpine ridge at 400 miles an hour after locking the captain out of the cockpit.

The insurers and the airline said they would fully honor every claim on an individual basis. Considering the difficult circumstances, full analysis and assessment of each individual case will take some time, they said. Lufthansa last Friday offered EUR50,000 ($54,000) per passenger to the relatives of the victims to address immediate financial needs. The payments wouldn't affect potential further claims made by the families, the airline said.

After a major loss, insurers usually quickly set aside initial reserves for payments due to policyholders that are based on a prudent assessment of the limited information at hand. Those reserves are then adjusted when more information becomes available.

Compensation claims for the victims will be met in line with the applicable national law, the insurance consortium said. Of the 150 passengers and crew on the flight from Barcelona to Düsseldorf, 72 were German nationals, 47 were from Spain and three were U.S. citizens, according to the latest figures available from Germany's Federal Foreign Office. But some 14 other jurisdictions are involved, and some passengers held dual citizenship, according to the figures.

In similar cases in Europe, next of kin have received some $1 million per victim as compensation. In the U.S., often a substantially larger settlement is secured.

Isabel Gomez contributed to this article.

Write to Ulrike Dauer at ulrike.dauer@wsj.com

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