The sum is to cover compensation claims by the families of the 150 people who lost their lives in the March 24 crash in the French Alps, the loss of the Airbus A320 and associated personnel costs, he said.
The insurance consortium is led by Munich-based Allianz, Europe's biggest insurance group. Allianz declined comment.
French prosecutors said last week that co-pilot Andreas Lubitz deliberately slammed the jet into a mountain after locking his captain out of the cockpit.
Germanwings is Lufthansa's budget subsidiary.
German prosecutors say the man had been in treatment with pychiatrists and neurologists and had failed to use doctor's sick notes releasing him from work during the period leading up to the crash.
BEA, the French investigative agency that is examining the safety failures that led to the crash, said Tuesday they were focusing on the cockpit locking procedure and psychological screenings.