Reinsurance News
Aviation
Cancellation clauses may limit aviation losses from Ukraine crisis: Jefferies
29th March 2022
Cancellation clauses could limit aviation insured losses from Ukraine crisis, according to analysts at Jefferies. The analysts believe that when Russia introduced a law that allowed Russian airlines to register planes locally, this is the first point in time that the country demonstrated an intent to confiscate the aircraft, so they ... Read the full article
Final re/insurance claims “highly uncertain” from new Russia aircraft law
24th March 2022
A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article
Re/insurers could face $10bn in claims from stranded planes: Fitch
22nd March 2022
Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded ... Read the full article
Russian sanctions threaten historic aviation insurance loss: analysts
21st March 2022
Following Russia’s move to nationalise jets stranded in the wake of Western sanctions, analysts and industry leaders have warned that the aviation insurance market could be facing a historic loss. More than 500 Western-built aircraft worth roughly $10 billion are thought to be grounded in Russia, as authorities in the country ... Read the full article
Western planes worth $13bn stranded in Russia, analysts say
10th March 2022
Analysts at data and analytics company Russell Group have reported that 589 Western-built aircraft with a market value of approximately $13 billion are currently on the ground in Russian airports. Flights to and from Russia have been banned by nearly all Western nations in response to the country’s widely-condemned invasion of ... Read the full article
Zurich Canada & Blink Parametric partner on flight disruption cover
17th February 2022
CPP Group’s parametric platform, Blink Parametric, has announced a collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group, to provide flight disruption cover to Zurich Canada policyholders. Under the arrangement, Blink will monitor flights in real-time, offering service choices within policy terms in the event of disruption such as ... Read the full article
Ukraine launches $592m fund for flights through its airspace as insurers pull cover
14th February 2022
Global insurance companies, including those at the specialist Lloyd's re/insurance marketplace, have reportedly decided not to insure any Ukrainian landings or aircraft in the country's airspace as the situation with Russia intensifies. In response to the move by insurers, the Ukrainian Government has launched a 16.6 billion hryvnia (USD 592 million) ... Read the full article
Aviation reinsurance market unaffected by COVID at renewals: GC
10th January 2022
Analysts at Guy Carpenter have reported that the general aviation and aerospace markets remained “relatively unaffected” by COVID-19 at the January 1, 2022 renewal period. After two years of increases in these markets, the broker reported that reinsurers priced as before or slightly higher (up 2.5%) as an average across programs ... Read the full article
IQUW launches Aviation portfolio led by Simon Herring
2nd December 2021
Property, Commercial and Speciality re/insurer IQUW has launched a new Aviation portfolio, which will be led by Lead Aviation Underwriter, Simon Herring. The new portfolio launches with immediate effect following approval form Lloyd’s and will comprise of a Hull and Liability account for second and third tier airlines and a general ... Read the full article
QBE North America hires Watkins from AGCS to lead Aviation practice
17th November 2021
David Watkins has joined QBE North America as Senior Vice President (SVP), Head of Aviation, taking on responsibility for strengthening the firm's position as a leading aviation insurer in the region. The Aviation division is a key part of QBE's broader Specialty business group. The addition of Watkins reflects the company's ongoing ... Read the full article
Aviation rates moderating to stable levels: Gallagher
11th October 2021
Analysts at global re/insurance broker Gallagher have reporteded continued moderation of insurance rates in the aviation space, with the average level of increases down notably on prior quarters. In the Q3 edition of its Plane Talking publication, Gallagher noted that this moderation follows three years of consecutive rate increases and reflects ... Read the full article
Aviation claims edging closer to normal as Covid loosens grip, says Allianz
7th July 2021
Inspired by an inevitable surge in domestic travel following the decline of COVID-19’s disruptive influence, global insurer Allianz has categorised the aviation industry as one largely on the rebound. However, as a rising number of aircraft return to the skies, Allianz' report highlights a number of potential challenges, including “rusty” pilots ... Read the full article
Aviation insurers seeks further rate increases after difficult year: McGill & Partners
18th May 2021
Analysts at specialist insurance broker McGill & Partners have examined the state of the aviation insurance market in 2021, noting that most firms will be seeking further rate increases to offset the difficulties of the past year. With more planes grounded than in the skies, 2020 was an unprecedented challenge for ... Read the full article
Gallagher Re’s Bell highlights 1/1 challenges for aviation re/insurers
8th April 2021
The 1/1 renewals was a challenge for both direct insurers and reinsurers in the aviation space, with the two Boeing loss movements of the past year constituting the greatest single change in deterioration compared to any other renewal date, according to Gallagher Re's head of aviation, speciality, David Bell. Bell says ... Read the full article
Blink partners with Terrawind to expand parametric flight disruption platform
15th March 2021
Blink Parametric, an Irish InsurTech firm, has opted to expand its flight disruption insurance platform in Central & Latin America via a new partnership with one of the leading travel assistance providers across the regions, Terrawind Global Protection. The new collaboration will deliver a bespoke flight disruption travel solution to clients, ... Read the full article