Willis Group Holdings said it expects aviation insurance prices to rise and the market to harden further through the end of 2008 into 2009, according to a report from its global aviation practice.
The latest Airline Insurance Insight report from Willis, headquartered in London, indicates that lead premiums in November increased 16 percent, while overall program premiums are increasing at an even faster rate.
“As we approach the end of the year, all signs point to a continuing hardening of the market,” Steve Doyle, executive director of Willis Aviation, said in a statement. “The lack of any significant losses recently would appear not to have tempered a change in underwriter attitudes. Insurers undoubtedly feel that they have gained momentum.”
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