The record level of low claims in the airline insurance marketplace in 2012 is attracting more capital—which means favorable pricing for insureds with good safety records.
In a report, Airline Insurance Market Outlook 2013, Aon Risk Solutions says that premium for Hull and Liability insurance fell 11 percent to $1.6 billion in 2012, despite an average increase of 5 percent in fleet value and a 4 percent increase in passengers.
Claims numbers continue to keep the market soft, according to the report. Last year produced the second consecutive year of exceptionally low claims—around 70 percent below the long term average for the industry. The number of incidents in 2012 was 39, compared to an average of 70 over a 17-year period, and total insurable fatalities were 318, compared to the long-term average of 597.
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