The first seven months of this year have been “the worst period” for the aviation insurance industry since 9/11, an international insurance brokerage industry official acknowledged.
However, contrary to recent reports, “there have not yet been renewals in the market for major carriers since this loss (the Malaysian Airline plane shot down over Ukraine) and therefore it is premature and speculative to talk about the level of price rises” for war risk insurance, the most price-sensitive component in this market, said Jonathan Palmer Brown, chairman of JLT International Specialty in London.
Brown is also chairman of the Aviation Committee of the London International Insurance Brokers’ Association.
Read the full story on AdvisenLTD: 2014 ‘worst period’ for aviation insurance since 9/11
Arthur D. Postal is a veteran reporter covering Washington, D.C. and federal insurance regulation, with more than 30 years of experience in financial journalism.
