The commercial aviation insurance line is unlikely to end 2007 in the black, making it the first unprofitable season in seven years as claims exceed premium by $70 million, according to an insurance broker's report.
Chicago-based Aon said in its December "Airline Insurance Market News" that premium totals for 2007 are expected to come in at around $1.46 billion, well below premium totals of $1.69 billion in 2006 and $2.04 billion in 2005.
While premiums have dropped by close to $600 million since 2005, what is more alarming is that total claims will come in at $1.53 billion, Aon said.
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