The loss of Malaysia Airlines Flight MH370 will likely mean big payouts from several insurance companies this year, analysts said on Tuesday.

Allianz confirmed on Monday that it was the main provider of insurance for the aircraft itself, as well as the liabilities attached to the passengers and cargo.

However, the company declined to comment on the extent of its exposure or identify other insurers with exposure.

"Usually, the insurers and the airline company will not disclose the underwriting value, given the concerns over an extremely high claim from lawyers," said Hao Yansu, dean of the School of Insurance at the Central University of Finance and Economics.

According to Hao, aviation insurance is usually sold to a syndicate of insurers, with one taking the lead.

The insured value of the aircraft could amount to around $100 million, while the liabilities and compensation typically amount to a far higher amount, Reuters reported.

"The compensation will dent the financial performance of insurers. But such claims are rare events, thus have a limited impact on them in the long run," Hao said.

As both Malaysia and China are the contracting countries, the missing airplane is covered by the Convention for the Unification of Certain Rules for International Carriage by Air, said Liu Weimin, director of the aviation law research center at the Civil Aviation Management Institution of China.

According to the convention, the airline and their insurers could be liable for compensation of $160,000 per passenger.

The claim for the loss of the aircraft could also be huge. The current listed price of a Boeing 777-200ER is $361.5 million, according to the Boeing Co website.

However, such a loss could be covered by the insurance companies, Liu added.

Further compensation from Malaysia Airlines depends on the reason for the accident. If it is established that the disaster resulted from a mistake by the airline, the compensation could be huge, said Hao.

The biggest aviation compensation claims ever made, said Hao, were related to the 9/11 attacks in the United States, with an average payout of $2.13 million per passenger.

Meanwhile, most of the Chinese passengers on the plane had purchased accident or life insurance policies, according to major Chinese insurers.

As of Monday, Ping An Insurance was the hardest hit, with at least 38 passengers on the plane carrying the company's insurance policies, and possibly 15 more. China Life has confirmed having 30 customers in the disaster. Neither company has commented on the potential compensation amount involved.

China Pacific Life Insurance has confirmed 16 clients on the plane, with total compensation at about 5.44 million yuan ($886,000).

Taikang confirmed 12 clients, with a total compensation of 4.49 million yuan.

"If it turns out to be a terrorist attack, some travel insurance policies may not apply. But the families of those who purchased life or accident policies would get compensation under any circumstances," Hao said.

Wang Wen contributed to this story.