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Insurance market takes shape
29 May 2009
After a traditionally quiet first quarter, April and May shed light on a difficult picture for the airline insurance industry in 2009.
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[Insurance]
[lead hull liability]
[premium]
The first three months of the year are a quiet time for airline insurance underwriters. Very few carriers renew their policies and those which do tend to be small. As a result slight alterations have a disproportionate impact on market averages, meaning little useful information can be drawn from the figures.
But in April the picture becomes clearer. More and larger carriers across a spread of regions and sectors renew, giving far more representative indications of market conditions. In 2009, the indications were not good.
Brokerage Aon reports lead hull and liability premiums for the year to date up by about 7% on average, in line with its expectations. “And at the same time exposures are falling,” says Magnus Allan, responsible the firm’s aviation reports, “which points to a hardening market.”
Willis, another brokerage which specialises in aviation, agrees with this assessment. “This is the first time since 2006...
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