Aviation insurance buyers had reason for some satisfaction in 2006, as fierce competition from underwriters looking to maintain their portfolios in the face of low loss levels helped keep their costs down.
On the other hand, there is also reason for concern, with some experts predicting the insurance industry will not have the funds needed to pay out the mega-losses that could result from a major airline crash--and just barely enough to cover another benign year like 2006.
Steve Doyle, head of Chicago-based Aon's aviation practice, said that total lead premium--premium available to the lead underwriter on a specific risk--was down nearly 20 percent for the year.
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