Aviation market sees rates fall 25% in December
Saturday, 01 23 2016, Category: Insurance and Reinsurance, Country: World
Aviation insurers suffered another loss-making year in 2015, as insurance rates continued to spiral downwards while exposures and attritional losses increased.
Major renewals in December saw aviation hull and liability insurance rates fall by 25% compared with the same period of 2014, according to latest figures from JLT Aerospace, a unit of JLT Group. The majority of accounts achieved double-digit reductions, it said in its Plane Talking report.
The December renewal, which sees some 50% of market premium renewed, resulted in a 20% reduction in total premium, despite exposure growth from increased passenger numbers and fleet values.
Source: Commercial Risk Europe