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 Malaysia Airlines was struggling to cut costs to compete with a wave of new, low-cost carriers in the region. In the previous three years, Malaysia Airlines had booked losses of: RM1.17 billion (US$356 million) in 2013, RM433 million in 2012, and RM2.5 billion in 2011. Malaysia Airlines lost RM443.4 million (US$137.4 million) in the first quarter of 2014 (January–March). The second quarter—the first full quarter in the aftermath of Flight 370's disappearance—saw a loss of RM307.04 million (US$97.6 million), which represented a 75-percent increase over losses from the second quarter of 2013. Industry analysts expected Malaysia Airlines to lose further