Airline Insurance Premiums Lower Due To Competition, Low Loss - TopicsExpress



          

Airline Insurance Premiums Lower Due To Competition, Low Loss Levels (London, UK – Insurance News and Markets) - The London-based Willis Group Holdings, global risk adviser, insurance and reinsurance broker announced in December that annual insurance premium volume from 2013 is expected to be more than $150 million lower than in 2012, according to the fourth quarter issue of Airline Insight. The expected premium volume is around $1.5 billion, lower than it has been since before Sept. 11, 2011. “With the majority of premium available at this time, the continued appetite for, and in some cases increased, participation by insurers has fuelled significant reductions. Market conditions are being described by some as the ‘softest for a generation’,” said Phil Smaje, CEO of Willis Aerospace. The report notes that loss levels continue to fall below the five year average, despite four crashes that exceeded a $50 million loss threshold in 2013. Smaje suggestd that the high capacity and many underwriting units mean that multiple losses would not affect the whole industry. Fleet values grew nine percent in 2013, with passenger numbers up eight percent. “The inclusion of the majority or all of this increased exposure, for the same or less premium, plainly demonstrates the benefit of current market conditions for buyers in a growth cycle,” explains Smaje. Source: Willis Group Holdings
Posted on: Thu, 23 Jan 2014 15:36:43 +0000

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