The Asia-Pacific region now has the highest airline fleet value and number of passengers in the world, according to the latest Aon Risk Solutions review on the airline insurance market.

The region now has the second-highest average aircraft value, Aon Head of Aviation Simon Knechtli said in a report last week.

“Moving to the top of the tree means that the region now reports the highest amount of lead hull and liability premium,” he said.

The region’s average fleet value grew by 10% and passenger numbers grew by 13%. But lead hull and liability premiums in the Asia-Pacific region only grew by 1% to $US513.73 million ($494.2 million).

The average aircraft value in the Asia-Pacific region grew by 6% to $US57.33 million ($55.14 million).

“The high value of average aircraft reflects the significant fleet investment that has been made during the past five years, with the region one of two that is particularly active in the purchase of new generation wide-body aircraft,” Mr Knechtli said.

The number of accidents in the region dropped 33% in 2011 to 10. This compared to the 15-year average of 18.

The value of claims dropped 61% to $US198 million ($190 million), compared to the 15-year average of $US289 million ($278 million).

The number of fatalities in the region fell 88% to 44 compared to the 15-year average of 205.

Total lead hull and liability premiums for last year were about $US1.8 billion ($1.73 billion), but claims were only $US516 million ($496 million).

“This means that many underwriters enjoyed a positive return on their airline books of business in 2011,” he said.

“This will only go a short way to helping the sector recoup some of the costs associated with the very high level of claims that have been made during the last five years.”