Airline Insurance Market Expected to Make First Loss Since 2000: Aon
19 Dicembre 2007 - 7:30PM
PR Newswire (US)
Airline losses to outweigh global hull and liability premium
CHICAGO and LONDON, Dec. 19 /PRNewswire-FirstCall/ -- The airline
insurance market looks set to make its first loss since 2000,
according to preliminary data collected by the Aviation &
Aerospace division of Aon Corporation (NYSE:AOC). With more than
85% of the year's activity now completed, forecasts suggest that
the total hull and liability premium in the market will be
approximately $1.46 billion for the whole of 2007, but the level of
losses will mean that claims will be at least $1.53 billion. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) Despite
aviation being a catastrophe market, the high level of claims is
the result of a fairly consistent level of losses throughout 2007,
rather than a single major loss. This has come after a number of
years where the frequency of claims has been relatively low
globally, a factor that has attracted a great deal of insurance
capacity to the airline markets as global underwriters have looked
to diversify their portfolios. As a result of the imbalance between
premium and claims, Aon expects there to be additional focus on
airline insurance portfolios within the market during 2008. There
is unlikely to be a rapid reduction in underwriting capacity as a
result of one poor year, but if the trend extends into a second
year, it may become a significantly tougher market in 2009. "These
preliminary results end a fascinating year in the airline insurance
markets," said Doug Peterson, chairman of Aon's Aviation &
Aerospace division. "The first three quarters saw significant
premium reductions on programmes with good loss histories, while at
the same time exposures of many airlines grew. As the level of
losses has crept up, the market has seen the possibility of an
unprofitable year and insurance prices have become less soft in the
final quarter as a result. Capacity remains high and the aviation
industry is still very much safer than it was even ten years ago,
so we do not expect capacity to plummet overnight." Further details
and commentary can be found in Aon's Airline Insurance Market News,
December 2007, which is available at http://www.aon.com/aviation
About Aon Aon Corporation (NYSE:AOC) is the leading global provider
of risk management services, insurance and reinsurance brokerage,
human capital and management consulting, and specialty insurance
underwriting. Through its 43,000 professionals worldwide, Aon
readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was ranked by A.M. Best as the number
one global insurance brokerage in 2007 based on brokerage revenues,
and voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. Note to Editors: All figures detailed in
this press release include all known information at time of
production on the lead London terms of airlines renewing with fleet
values in excess of $150 million. They do not take into account any
coverage changes and are not weighted in any way with regard to the
size of the airline's fleet or the volume of premium paid. Our loss
information covers Western built equipment only and we only include
losses with a total incurred loss of $1 million and above. Media
Contacts: Chicago London Rahsaan Johnson Alexandra Lewis
312.381.2684 020 7882 0541 http://aon.mediaroom.com/
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Chicago, Rahsaan Johnson, +1-312-381-2684, , or London, Alexandra
Lewis, +020 7882 0541, , both of Aon Web site: http://www.aon.com/
http://aon.mediaroom.com/
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