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News Analysis - More turbulence is on the way.
(From Reinsurance)
Byline: Vic Wyman.
Ralf Oelssner is still not a happy man. He was not happy two years ago and he certainly is not in much better humour now.
Because, as the director of insurance at the German airline Lufthansa, Mr Oelssner knows that he faces a huge bill for cover for the coming year.
After years of low (re)insurance rates and high losses, the aviation market changed greatly in the wake of the 11 September 2001 terrorist attacks in the US. Prices have risen for both basic aircraft hull and liability cover and for war and terrorism liability cover, particularly for the non-US aviation sector.
As well as the cover for airlines there is the large market for other aviation risks.
The European aviation industry is spending about $750m a year on war and terrorism liability cover, says Ken Coombes, senior vice-president in the aviation division of broker Marsh. The minimum cost of $1bn per loss, $2bn aggregate cover is 75 cents per passenger and can be cancelled or increased in price at seven or 30 days' notice.
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