Delegates at the World Space Risk Forum in Dubai were told the re/insurance market could be doing a lot more to meet the needs of the world’s satellite operators.
While Western Europe’s air transport systems remained crippled this week there was further bad news for the industry with research showing aircraft values have plunged in the past year.
The growing attraction of the international space market for insurers has continued this week with the announcement of the formation of a new underwriting operation which will be based in the heart of Europe.
The head of the space operations of AXA Corporate Solutions in Paris has said the firm is confident it will hit its target of becoming a major player in the market within the next three years.
With the major airlines set to renew their insurance programmes in the final quarter of the year one broker has predicted that the underwriters and airlines are set to clash over their differing approach to rates.
One of the world’s leading experts on the new breed of Autonomous Unmanned Vehicles (AUVs) has told the London insurance market it need to prepare for the demands of a sector which has grown faster then any other in the history of aviation.
With the coming two months signalling the renewal of the insurance programmes for many of the world’s major airlines, broker Aon is predicting that the heavy level of claims already suffered this will see underwriters looking to push through double digit rate rises.
The Industrial insurance unit of German giant Allianz, Allianz Global Corporate & Specialty (AGCS), is to open a new regional hub office it has announced.
Indian financial group General insurance Company (GIC) has revealed it was the lead reinsurer on the crashed Iranian the Caspian Airlines Tuppley TU-154 aircraft which crashed in the country’s north western province of Kaswin with the loss of 168 passengers and crew.
As pressure on aviation rates to rise continues Catlin Group has undergone a major recruitment effort to bolster its teams in preparation for the market to take off.
While Western Europe’s air transport systems remained crippled this week there was further bad news for the industry with research showing aircraft values have plunged in the past year.
The general aviation market has seen a new influx of capacity with the announcement that Argo International is to launch an operation via their Lloyd’s platform from January 1 2010.
Another year of $2bn losses has signalled an end to the soft aviation market. And with claims from some unusual sources in 2010, underwriters are taking a more selective approach.
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