Chubb announced a definitive agreement to acquire Catalyst Aviation Insurance, a Melbourne-based managing general agent that specializes in general aviation insurance for the Australia market.
Tag: aviation insurance
Q2 2023 Airline Insurance Market Renewal Outlook: WTW
Healthy market capacity is currently keeping aviation insurance rates stable, but there is mounting pressure.
Gallagher Re: Hard Market for Aviation Reinsurance to Continue
As aviation reinsurance continues to recover from large losses caused by a number of challenges in recent years, the medium-term outlook suggests that the market will remain difficult for some time to come.
Leasing Operator Carlyle Seeks $700M from Insurers, Reinsurers Over Jet Seizures
Carlyle Aviation seeks $700 million from insurers, which include AIG, Axis, and Chubb, after failing to pay out on jet seizures by Russian airlines.
Insurance Premiums Doubling for Some Aviation, Marine Businesses
Insurance premiums are doubling or more for some aviation and marine businesses particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say. Global commercial insurance premiums rose 11 percent on average in the first quarter, according to insurance broker Marsh, which said the war was putting upward pressure… Continue reading Insurance Premiums Doubling for Some Aviation, Marine Businesses
AerCap Submits $3.5 Billion in Insurance Claims Over Trapped Russian Jets
AerCap Holdings NV announced that it had filed $3.5 billion in insurance claims for more than 100 jetliners that it had rented to Russian airlines and that are now stuck in the country as a result of Western sanctions. The world’s largest aircraft-leasing company by value said it had rented 135 aircraft to Russian carriers… Continue reading AerCap Submits $3.5 Billion in Insurance Claims Over Trapped Russian Jets
Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes
Citing a “worst-case scenario,” analysts at Fitch Ratings said the more than 500 planes currently stranded in Russia leave the insurance and reinsurance market open to up to $10 billion in potential losses. In response to economic sanctions from several Western countries over the invasion of Ukraine, the Russian government passed a law allowing for… Continue reading Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes
Airlines Need to Negotiate Ukraine Insurance Cover for Flights
Airlines will need to negotiate Ukraine aviation cover with their insurers, with some of the required war risk policies now being agreed on a daily basis, a senior Lloyd’s market official said on Monday. Two Ukrainian airlines disclosed problems in securing insurance for some of their flights on Monday, while foreign carriers began avoiding the… Continue reading Airlines Need to Negotiate Ukraine Insurance Cover for Flights
WTW Expands Aviation Insurance Broking Solutions with Aerosure Acquisition
Willis Towers Watson has acquired Aerosure, a leading aviation industry specialist, focused on the Australia, New Zealand and Pacific Island region. Aerosure, based in Sydney, will become a part of Willis Towers Watson’s Global Aerospace business, providing a suite of aviation insurance broking solutions to service the insurance and risk needs of the aviation industry… Continue reading WTW Expands Aviation Insurance Broking Solutions with Aerosure Acquisition
Coronavirus Hits Come Fast for Aviation Sector
The airline industry is becoming a leading indicator of the global economic contraction now projected for the first quarter, and possibly for the full year, as the new coronavirus escapes containment efforts in China. German companies seem particularly aggressive in trying to cut expenses in line with declining revenue trends as passenger demand dries up.… Continue reading Coronavirus Hits Come Fast for Aviation Sector