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 the Department of Civil Aviation Malaysia, Azharuddin Abdul Rahman, announced that the status of Flight 370 would be changed to an "accident", in accordance with the Chicago Convention on International Civil Aviation, and that all passengers and crew are presumed to have lost their lives. If the official assumption is confirmed, Flight 370 was at the time of its disappearance the deadliest aviation incident in the history of Malaysian Airlines, surpassing the 1977 hijacking and crash of Malaysian Airline System Flight 653 that killed all 100 passengers and crew aboard, and the deadliest involving a Boeing 777, surpassing Asiana Airlines