Airlines who have not already agreed terms with their insurers in preparation for the traditional October 1 renewal date will be hit by dramatic rate rises.
A Lloyd's aviation underwriter warned that new terms would have to be negotiated in the wake of yesterday's disasters.
It is believed Global Aerospace Underwriting Management, based in St Mary Axe, had significant pieces of both American Airlines and United Airlines business.
However, the underwriter said every company within Lloyd's would be affected. “They're all adding up their liability – no one will escape,” the underwriter said.
