Aerospace Insurance Premiums Fall by up to 11 Percent in 2007: Aon Analysis
06 Marzo 2008 - 8:00PM
PR Newswire (US)
Aon's Aerospace Insurance Market Review 2007 shows soft market
driven by high capacity and historically low claims LONDON and
CHICAGO, March 6 /PRNewswire-FirstCall/ -- The aerospace insurance
market softened in 2007, responding to the high level of capacity
and low level of losses in the aviation industry over the last five
years, according to Aon's Aerospace Insurance Market Review of
2007. The average 6 percent reduction in lead premium was not as
significant as the fall witnessed in the airline insurance market,
but the direction was consistent across the manufacturer, service
provider and airport sectors that comprise the aerospace insurance
market. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) The Aon
review brings together data for the last year and extrapolates its
likely effect on the market in 2008 and beyond. The key findings of
the review are: -- average lead premium reduction for 2007 was 6
percent, compared to a 3 percent growth in 2006; -- Asian
operations received the best average reduction at 8 percent,
closely followed by Europe and the Americas with 7 percent and 6
percent reductions respectively; -- service providers had the
largest reductions in 2007, with lead premium falling by 11 percent
on average compared to a 4 percent increase in 2006; airport lead
premium fell by 8 percent on average in 2007, compared to a 2
percent increase in 2006; the manufacturers sector fell by 3
percent, compared to a 5 percent average growth in 2006; -- the
number and value of claims have been limited in the aviation sector
generally, although the high level of airline hull losses in 2007
may translate into an increased number of claims on the aerospace
market as accident investigators assign responsibility. "The
aerospace insurance market saw modest reductions in the price of
lead premium throughout 2007, but there were differences in the way
that the different sectors within the market were treated," said
Doug Peterson, Aon Aviation & Aerospace Group Practice Leader.
"This suggests that the markets are pricing insurance programmes
according to their actual level of risk, rather than simply
applying an industry average year-on-year price change. This is a
sign of a healthy and functioning market, although there is an
argument that certain sectors are not receiving the same level of
reductions as a result of historical loss perceptions that do not
take recent improvements into account." Download the report at
http://aon.mediaroom.com/index.php?s=55. NOTE: The review looks in
detail at data from across the aerospace market, breaking it down
by region, sector, month, and liability limit, and looks at the
data from both a US dollar and a reporting currency perspective. It
also offers a round-up of market and industry activity, and an
overview of some of the wider insurance products that Aon can offer
on its aerospace insurance programmes. It examines how the
industry's evolution during 2007 will impact the market during 2008
and beyond. For more information 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/
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