Aon’s January market overview found the amount of losses, which includes attritional losses, is now estimated at $1.7 billion with the total amount of lead hull and liability premium expected to be around $1.51 billion.
Last year saw lead premium reductions slow to around 10 percent by the year end, Aon added. However, reductions throughout the year were given in keeping with exposure growth, according to Aon. Average fleet values were up 9 percent last year compared to 4 percent in 2006 when major reductions in premiums occurred.