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,
Search for Malaysia Airlines Flight 370 to begin passage to Singapore, where it will be demobilized from search activities. On 17 January 2017, the MV "Fugro Equator" left the search area after the search of the entire underwater search area was completed. The same day, a joint communiqué is issued by the JACC announcing that the search for Flight 370 was suspended. The suspension of the search is in accord with a July 2016 agreement between Australia, Malaysia, and China that the search would be suspended, not ended, upon the completion of the search of the search area if it yields no evidence of Flight 370