Malaysia Airlines Flight 370 and replaced it with Flight 318 (MH318) beginning 14 March. This follows a common practice among airlines to rename flights following notorious accidents. The flight—Malaysia Airline's second daily flight to Beijing—was later suspended beginning 2 May; according to insiders, this was due to lack of demand. Malaysia Airlines was given US$110 million from insurers in March 2014 to cover initial payments to passengers' families and the search effort. In May, remarks from lead reinsurer of the flight, Allianz, indicated the insured market loss on Flight 370, including the search, was about US$350 million. At the time of Flight 370's disappearance,
Timeline of Malaysia Airlines Flight 370 soon discounted and a search of a remote region of the southern Indian Ocean, led by Australia, began on 18 March. On 24 March, Malaysia Airlines and Najib announced that the flight had ended in the Southern Indian Ocean without survivors. In early April, an intense effort—the "acoustic search"— was made to detect the acoustic signals generated by underwater locator beacons (ULBs, also known as "pingers") attached to the flight recorders on Flight 370. After immersion in water, the ULBs emit an acoustic signal (also called a "ping") at a specific frequency once per second and have a battery life