NU Online News Service, July 8, 3:12 p.m. EDT

Aviation insurance rates are softening, showing signs of moderation after hardening last year, according to a report released by Aon Corp.

The Chicago-based insurance broker's assessment for July renewals said based on 16 of 35 expected renewals for the month, "the airline insurance market is softening."

Aon said current data indicates average fleet value and passenger numbers have increased in line with the year-to-date trend. Despite this growth, premiums remained flat for the month, "suggesting in real terms the cost of insurance is actually falling in many cases," the broker noted.

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