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,
Malaysia Airlines Flight 370 disappeared from the radar screen at Kuala Lumpur ACC and was lost about the same time on radar at Ho Chi Minh ACC, which reported that the aircraft was at the nearby waypoint BITOD. Air traffic control uses secondary radar, which relies on a signal emitted by a transponder on each aircraft; therefore, the transponder was no longer functioning on Flight 370 after 01:21. The final transponder data indicated that the aircraft was flying at its assigned cruise altitude of flight level 350 and was travelling at true airspeed. There were few clouds around this point, and no rain or