- Xuber keeps in the headlines
- Survey suggests compliance may have a cautious impact on risk culture
- A UK government strategy for insurance sector announced to support global leadership
- Quindell secures five year software suite contract with top ten UK motor insurer
- Aon Benfield launches tools to quantify uncertainty in catastrophe models
- KCC releases WindfieldBuilder
- Fitch reports on statutory trends for US life insurers expired
- Chinese regulator issues draft regulatory Framework expired
- India joins NAIC MMoU expired
- AIG will maintain its 9.9% stake in PICC P&C after rights offering expired
- Equity to focus on motor and brokers in restructure expired
- ING cuts stake in SulAmerica expired
19th August 2012
Willis overviews airline insurance market
Willis has published its latest Airline insurance market overview - Airline Insight.
Key observations include:
-Overall (hull and liability) premium volume has decreased 5.1% since January, continuing the current downward market trend. At the same time, hull and liability exposures have continued to increase by single digit percentages
-Buoyant capacity and excellent loss experience means that overall market conditions are stable and the balance of power very much favours buyers
-Overall, the loss experience of 2012 was exemplary with just $141m of hull losses and no major liability losses reported
-It is now three years since the last major catastrophe, which was the Air France loss in June 2009 (which only made a short blip in the downward trend of the market)
-It will take a number of significant losses to have any major impact on market direction.
Steven Doyle, Sales and Business Development director at Willis Aerospace, comments "The recent level of stability in the market is unprecedented in comparison with the historical cyclical nature of the aviation sector and therefore without a change in market capacity levels or a run of major losses we look set for a continued reduction in premium volumes until the end of the year and into 2013."