Aviation claims at lowest since 2004

Victoria
By Victoria January 4, 2012 22:47

Aviation claims at lowest since 2004

Aerospace insurers saw 2011 claims falling to their lowest level for seven years and by $1bn from $2.2bn in 2010 to $1.2bn in 2011. It is expected that 2011 saw aerospace insurers collect $800m margin after claim payments. This news will most likely lead to further rate pressure over the next few months. Ironically though the last few years since the credit crunch still show aerospace insurance lines to be in the red to the tune of around $100m. That is more or less the same amount that the 2011 loss of an Asiana Airlines 747F cost insurers, which was the largest single loss of 2011.

The fatal accident rate in 2011 was one per 1.52m flights. There were 25 such accidents relating to jet and turboprop aircraft in 2011, compared with 23 in 2009 and 2006. 2010 saw 497 passengers and crew killed, compared with 434 in 2004.

Victoria
By Victoria January 4, 2012 22:47
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