{"id":1773,"date":"2022-04-20T13:03:16","date_gmt":"2022-04-20T18:03:16","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&#038;p=1773"},"modified":"2022-06-22T10:03:00","modified_gmt":"2022-06-22T15:03:00","slug":"aviation-market-update-q2-2022","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/aviation-market-update-q2-2022\/","title":{"rendered":"Aviation Market Update | Q2 2022"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column]\n\t<div class=\"hero hero--wrap    \">\n\n\t\t<div class=\"hero--background-image hero--background-image-blur\">\n\t\t\t<div class=\"hero--overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"hero-background\" style=\"background: url(https:\/\/www.bbrown.com\/wp-content\/uploads\/2022\/04\/tomas-williams-CGf5m4OYKQE-unsplash-scaled.jpg) center center no-repeat; background-size: cover;\"><\/div>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"hero--container\">\n\t\t\t<div class=\"container\">\n\t\t\t\t<div class=\"hero--inner width-100\">\n\n\t\t\t\t\t\n  <div class='content-heading  100%  '>\n    <p class='text-white subheading'>Property &amp; Casualty<\/p>\n    <h1 class='text-white    '>\n      Aviation Market Update | Q2 2022\n    <\/h1>\n\t\n  <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;]\n  <div class='content-heading  100% content-heading--ruled '>\n    \n    <h1 class='text-brand-dark-blue    h2'>\n      Aviation Market Update | Q2 2022\n    <\/h1>\n\t\n  <\/div>[vc_column_text]<span data-contrast=\"auto\">From an insurance perspective, market conditions across all aviation segments are showing signs of <\/span><span data-contrast=\"auto\">improvement as COVID-19 recedes, leading to a more favorable environment for customers in 2022. <\/span><span data-contrast=\"auto\">From 2020 through the end of 2021, more than 30 worldwide losses were categorized as major events, <\/span><span data-contrast=\"auto\">resulting in a loss in excess of $1M. Additional awards exceeded $100M. The attritional and catastrophic\u00a0<\/span><span data-contrast=\"auto\">losses are unfortunately continuing into the beginning of 2022.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While premium increases have plateaued after four years of consistent rising rates, the recurring losses are stifling rate relief. However, rate adequacy and underwriting profit in the aviation sector is leading insurers to focus on capacity. Insurers are under pressure to retain their share on complex and vertical placements as new entrants present themselves to market. Insurers such as Applied Underwriters, a new Domestic U.S. Aviation insurer, and Rokstone, internationally in the London market, are adding new pressure to existing insurers.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The following areas of focus are key to a successful renewal strategy:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\"> Early engagement with your broker<\/span><\/li>\n<li><span data-contrast=\"auto\"> Detailed underwriting information<\/span><\/li>\n<li><span data-contrast=\"auto\"> Restructuring a program<\/span><\/li>\n<li><span data-contrast=\"auto\"> Engaging virtually<\/span><\/li>\n<li><span data-contrast=\"auto\"> Exploring retention\/limit combinations<\/span><\/li>\n<\/ul>\n<p>While premium increases are still consistent on most aviation renewals, insureds that outline clear\u00a0<span data-contrast=\"auto\">underwriting information and details of their risk and consistent safety management directives are <\/span><span data-contrast=\"auto\">receiving the most competitive rates as capacity levels increase.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For aircraft risks, insurers are focused on adequate insured values to verify that depreciation has been <\/span><span data-contrast=\"auto\">accounted for and that values are kept in check during this competitive used and new aircraft market. <\/span><span data-contrast=\"auto\">Aviation manufacturers, airports, drones and workers\u2019 compensation products continue to be the most <\/span><span data-contrast=\"auto\">competitively priced risks. Owner-flown turbine aircraft and rotor-wing placements continue to be the more challenging placements.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It is strongly anticipated that the second and third quarters of 2022 will remain favorable and consistent for insureds as competition for good business continues to grow. Uncertainty lies on the horizon as the impact of the Russian invasion of Ukraine leaves more than five hundred western-built aircraft, totaling more than $13B in value, on the ground at Russian airports. The majority of these aircraft are owned by European companies, which, if they are unable to recover, could result in the largest potential loss to the aviation war hull market since 9\/11. Confiscation by a foreign government is a peril typically outlined under war hull coverage.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The world&#8217;s top aircraft lessor, AerCap,\u202freported in early April 2022 that it had submitted a $3.5 billion insurance claim for more than 100 jets stranded in Russia, the largest exposure in the sector. Lessors of commercial aircraft are already seeing significant rate hikes in the cost of renewing policies out of the London market, and this could trickle down to the domestic U.S. market later this year and prolong the hardening of the market.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1414&#8243; alignment=&#8221;center&#8221; style=&#8221;vc_box_circle_2&#8243;][vc_separator border_width=&#8221;2&#8243; el_width=&#8221;60&#8243;][vc_column_text]<\/p>\n<h6 style=\"text-align: center;\">Aviation Team<\/h6>\n<p>[\/vc_column_text]\t<div class='wpb_content_element text-center btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-dark-blue  '\n\t\t\t\thref='\/us\/contact\/contact-general\/' target='' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Connect Now<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]From an insurance perspective, market conditions across all aviation segments are showing signs of improvement as COVID-19 recedes, leading to a more favorable environment for customers in [&hellip;]<\/p>\n","protected":false},"author":66,"featured_media":1774,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[53,34],"class_list":["post-1773","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-aviation","insight_category-property-casualty"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aviation Market Update | Q2 2022 - Brown &amp; Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/aviation-market-update-q2-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aviation Market Update | Q2 2022\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]From an insurance perspective, market conditions across all aviation segments are showing signs of improvement as COVID-19 recedes, leading to a more favorable environment for customers in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bbrown.com\/us\/insight\/aviation-market-update-q2-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Brown &amp; Brown\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-22T15:03:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2022\/04\/tomas-williams-CGf5m4OYKQE-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bbrown.com\/us\/insight\/aviation-market-update-q2-2022\/\",\"url\":\"https:\/\/www.bbrown.com\/us\/insight\/aviation-market-update-q2-2022\/\",\"name\":\"Aviation Market Update | Q2 2022 - Brown &amp; 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