Airline market remains flat, according to Aon review.
The Spanair aircraft crash in Madrid is unlikely to have any impact on aviation rates, according to Amlin. Commenting on the crash that claimed 153 lives last week, Tony Holt, group underwriting director at the insurer, said: “We do not consider the Spanair event likely to move aviation rates.”
In Aon’s latest airline insurance market review, the insurer referred to the aviation market as being virtually flat with the position remaining unclear. The insurer reported that although loss levels continue to be low and capacity continues to be high, the talk continues to be of a hardening market with verticals tightening.
The Spanair McDonnell Douglas MD-82 that crashed at Madrid airport last week (20/08/08) claimed 153 lives.
It is understood that Ace is the lead insurer for the aircraft, which was placed by Aon on behalf of aviation group SAFIT, which buys insurance for SAS.
It has also been reported that Allianz has a 10% share, AIG an 11% share, Amlin a 7% share, QBE a 6% share and Global Aerospace Underwriting Managers Limited (GUAM) has a sizeable share of the slip.
Hugo Kidston, global head of Allianz Global Corporate and Speicality: “I can clarify that AGCS are a co risk insurer of the all risk policy (hull and liability) of SAS underwhich Spanair are insured. Allianz is not a lead insurer.”
It has been estimated that the hull loss is likely to be in the region $10m-$15m.
Aon’s latest airline insurance market review referred to the aviation market as being virtually flat, with the position remaining unclear.
The insurer reported that although loss levels continue to be low and capacity continues to be high, the talk continues to be of a hardening market with verticals tightening.
It is understood that Ace is the lead insurer for the Spanair McDonnell Douglas MD-82 that crashed at Madrid airport last week.
The cover was placed by Aon on behalf of aviation group SAFIT, which buys insurance for SAS, Spanair’s parent company.
It has also been reported that Allianz has a 10% share, AIG an 11% share, Amlin a 7% share, QBE a 6% share and Global Aerospace Underwriting Managers has a sizeable share of the slip.
Hugo Kidston, global head of Allianz Global Corporate and Speciality, said: “I can clarify that AGCS are a co risk insurer of the all-risk policy (hull and liability) of SAS under which Spanair are insured. Allianz is not a lead insurer.”
