Insurance

October 7, 2014 - 2:07pm

Brokerage SterlingRisk Insurance unveiled an insurance product that covers air charter revenue losses attributable to unscheduled maintenance and cancelled flights. The coverage was developed for both the aircraft owner and charter operator, it said.

This product is unique in our industry,” noted SterlingRisk aviation division president Carl Shephard. “The aircraft owner can finally rest assured and not worry about losing revenue as a result of unscheduled maintenance.”

October 7, 2014 - 4:35am

Despite an estimated $535 million overage in aviation insurance claims this year stemming from a recent spate of foreign airline losses–including two fatal crashes involving Malaysia Airlines Boeing 777s and a rebel attack at Libya’s Tripoli International Airport that damaged 20 airplanes–Corporate Aviation Insurance Group president Matt Drummelsmith doesn’t expect any effect on insurance premiums for U.S.-based aircraft operators.

September 2, 2014 - 4:05pm

Despite an estimated $535 million overage in aviation insurance claims this year stemming from the recent spate of foreign airline accidents (including two fatal crashes involving Malaysia Airlines Boeing 777s), Corporate Aviation Insurance Group president Matt Drummelsmith doesn’t expect any effect on insurance premiums for U.S.-based aircraft operators.

August 8, 2014 - 7:14am

In the wake of recent airliner losses, carriers are bracing for substantial increases in insurance premiums when the main renewals season starts on November 1. Insurers have already made massive payouts for hull losses following the disappearance of Malaysia Airlines flight MH370 en route to Beijing and the apparent shooting down of MH17 over eastern Ukraine. Other recent losses have included the crash of Air Algerie’s flight AH5017 in southern Mali and TransAsia Airways flight GE222 in Taiwan. Further unsettling the risk environment for air transport have been recent attacks on airports in Pakistan, Israel, Afghanistan and Libya.

August 5, 2014 - 4:10am

Charter hub Returnjet.com is extending free access to aircraft availability data to brokers in a bid to challenge the market dominance of rival portal Avinode. The change, which took effect July 14, will also allow operators who have registered their fleets with the site to have complimentary access to the real-time data.

Operators will continue to pay a 3-percent “introduction fee” for any flight conducted as a result of customer contact from the site. Returnjet plans to introduce reduced introduction fees for flights booked by brokers.

June 17, 2014 - 3:25pm

The Middle East Business Aviation Association (MEBAA) expanded its aviation insurance program (MAIS) to include coverage for MROs, pilots, ground handlers, refuelers, fuel sales agents and other industry stakeholders. The association launched the aviation insurance group discount program for operators at the 2011 Dubai Airshow.

June 1, 2014 - 6:00am

As the softness of the aviation insurance market continues to drive premiums down, aviation insurance underwriters, brokers and agents are struggling to make money. In fact, when asked how much lower premiums could fall before they hit bottom, Aviation Insurance Association (AIA) president Franklin Bass told AIN, “I thought we were there last year.”

May 17, 2014 - 2:00am
MEBAA chairman Ali Al Naqbi has played a key role in dealing with regional business aviation issues.  (Photo: Peter Shaw-Smith)

The Middle East Business Aviation Association’s efforts to help regulators take the initiative on pressing business aviation issues in the region, such as oversight and the gray-charter market, have helped to create debate in the Gulf, a market that is one of the most important to aircraft manufacturers.

February 25, 2014 - 2:15pm

Product liability insurance isn’t your everyday policy. “Without experience in aviation law, regulations and coverages, generalist insurers don’t understand the risks,” explained Jaime Benthusen, product liability director for NationAir Aviation Insurance (Booth No. 5105). Benthusen was on hand at Heli-Expo 2014 to introduce the company’s product liability coverage and risk assessments for rotor-wing aftermarket parts firms.

January 30, 2014 - 2:08pm

Last year marked another year of relatively soft rates in the general aviation insurance market, according to aviation insurance broker NationAir’s annual market analysis, released yesterday. “While the market conditions have remained the same for several years, the reasons for that soft market are changing,” noted company president Jeff Bauer.

Initially, increased market competition pushed rates down, he said. “Now, however, rates are being held down by the more long-term forces of structural overcapacity and, thankfully, favorable loss history.”

 
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