Airline Insurance Market Expected to be Tougher in 2008
26 Febbraio 2008 - 8:34PM
PR Newswire (US)
Aon's Airline Insurance Market Review 2007 shows less soft market
CHICAGO, Feb. 26 /PRNewswire-FirstCall/ -- The high level of hull
and liability claims, at $1.7 billion, coupled with the lowest
amount of lead hull and liability premium since 2000 ($1.5
billion), means that the airline insurance market was broadly
unprofitable in 2007. The negotiating process is likely to be
tougher in 2008 as a result, according to Aon's Airline Insurance
Market Review of 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) This is
the key finding of the review that brings together data for the
last year and extrapolates its likely effect on the market in 2008
and beyond. The review's findings include: -- total recorded lead
hull and liability premium for 2007 was $1.5 billion, a reduction
of 30 percent since 2005; -- total incurred claims, including hull,
liability and an estimate for attritional losses, amounted to $1.7
billion; -- North American fleet values, at $192 billion, fell
below those of Europe and Asia, both at $193 billion, for the first
time in 2007. North American passenger numbers, however, were still
higher than the other two major aviation regions; -- the proportion
of passengers travelling with flag carriers has fallen from 66
percent in 2005 to 48 percent in 2007. Having started the year with
average premium reductions of around 20 percent, the airline
insurance market became gradually less soft as the year progressed
with underwriters recognising the probability that the value of
hull claims would outweigh the total lead hull and liability
premium. "After four years of soft markets, it looks like 2007 may
well have seen the cost of airline insurance reach something of an
equilibrium," says Doug Peterson, Aon Aviation & Aerospace
group practice leader. "Despite the relatively high number of hull
losses in 2007, there were fewer fatalities compared to the average
over the last decade. Capacity continues to be high, but it seems
unlikely that providers will continue to offer the high level of
reductions witnessed over the last couple of years. As a result,
2008 looks set to be a fascinating year in the airline insurance
markets." Download the report at
http://aon.mediaroom.com/index.php?s=55. Media contact: Alexandra
Lewis 020 7882 0541 Rahsaan Johnson 312.381.2684 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/.
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Alexandra Lewis, 020 7882 0541, , or Rahsaan Johnson,
+1-312-381-2684, , both of Aon Corporation Web site:
http://www.aon.com/ http://aon.mediaroom.com/
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