Aviation insurance premiums remain flat
International aviation insurance rates remain “virtually” flat among lead hull and liability premiums according to a report by Aon.
The report reveals that of latest renewal figures for 28 airlines, 11 received a reduction in their premium, three have had increases of 5-10%, and 14 saw their lead premium increase by more than 10%.
Aon says while this suggests it is still possible to achieve modest reductions in premiums, reductions are currently the exception rather than the norm.
“It seems likely that the recent flat market conditions will continue until year end, unless a major incident changes market sentiment significantly,” the company said in its August edition of Airline Insurance Market News.
Aon forecasts a total written premium for lead hull and liability of $US1.54 billion ($1.78 billion).
Loss figures for the year so far are $US496 million ($573 million) excluding attritional losses compared with $US916 million ($1.06 billion) at the same point last year.
The report reveals that of latest renewal figures for 28 airlines, 11 received a reduction in their premium, three have had increases of 5-10%, and 14 saw their lead premium increase by more than 10%.
Aon says while this suggests it is still possible to achieve modest reductions in premiums, reductions are currently the exception rather than the norm.
“It seems likely that the recent flat market conditions will continue until year end, unless a major incident changes market sentiment significantly,” the company said in its August edition of Airline Insurance Market News.
Aon forecasts a total written premium for lead hull and liability of $US1.54 billion ($1.78 billion).
Loss figures for the year so far are $US496 million ($573 million) excluding attritional losses compared with $US916 million ($1.06 billion) at the same point last year.