Insurer Willis report, Airline Insight, has stated that favourable market conditions that have existed for buyers for airline insurance throughout this year will continue amidst an absence of major losses and persistence in excess capacity.
The report says that 2011 has been a standout year in terms of airline loss performance, with the level of losses at the end of November being the best for seven years. The airline industry safety performance has been exemplary over the past 30 months with no major catastrophe since the Air France loss in June 2009.
Commenting on the report, Steve Doyle, Business Development and Sales Director for Willis Aerospace, said: "There continues to be a differentiation in attitude between the lead insurers and much of the following market but competition remains. Leaders are looking to address the requirements of their 'core' accounts while the following markets look to improve their position while still maintaining their on-going participation. The key for brokers, therefore, is to manage the expectations of buyers when it comes to what can be achieved within the current market conditions and strive to achieve a result that is at the boundary of market tolerance."
Insurance losses stay low in 2011
