{"id":2221,"date":"2022-11-02T08:49:00","date_gmt":"2022-11-02T13:49:00","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=2221"},"modified":"2024-02-28T15:11:10","modified_gmt":"2024-02-28T21:11:10","slug":"two-minute-takeaway-aviation-overview","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-aviation-overview\/","title":{"rendered":"Two-Minute Takeaway: Aviation Overview"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Two-Minute Takeaway: Aviation Overview\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=”2\/3″]\n
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\n Two-Minute Takeaway: Aviation Overview\n <\/h1>\n\t\n <\/div>[vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. <\/span><\/i><\/b>Read on to learn more about what\u2019s happening in the aviation sector.<\/span><\/i>\u00a0<\/span><\/p>\n

Across all aviation segments, market conditions are improving, leading to a more favorable environment for insureds in 2022. Despite these positive signs, the aviation insurance market has been thrown back into a volatile state, with more questions arising about sustainability.\u00a0<\/span>\u00a0<\/span><\/p>\n

Throughout the Russia\/Ukraine conflict, the global aviation market has been concerned as western-built owned and leased aircraft were nationalized in Russia. From the $13B in valued assets that remain on the ground in Russia, more than $5B have been turned in as leased airline hull claims. The immediate impact on contingent liability, war risk and terrorism premiums are a 50% to 100% rate increase.<\/span>\u00a0<\/span><\/p>\n

Occurrences and fatalities remain consistent in 2022, both in the U.S. and international arenas. Immediate focus from U.S. markets is on capturing single-digit rate renewal rate increases.\u00a0<\/span>\u00a0<\/span><\/p>\n

Challenges<\/h3>\n

New challenges for the aviation industry include macro-pressures affecting most markets, which include lack of talent, supply chain issues, inflation and rising interest rates. These factors impact reinsurance rates, which aviation underwriters use to hedge risk levels. Airports, aviation product liability and low limit general liability placements are seeing the most competition amongst insurers.\u00a0<\/span>\u00a0<\/span><\/p>\n

Areas of remediation for insurers include maintenance, repair and operation (MRO) facilities, airlines, ground handlers, rotor wing and international operators. While flat to modest increases are still consistent on most aviation renewals, insureds that outline clear underwriting information and consistent safety management are receiving the most competitive rates.\u00a0<\/span>\u00a0<\/span><\/p>\n

Moving Forward<\/h3>\n

It is strongly anticipated that the fourth quarter of 2022 will remain favorable and consistent for insureds as competition for favorable business grows. However, the impact of the nationalized aircraft on the ground in Russia remains uncertain, as the outcome may support continued rate lift and a re-hardening of the market into 2023.<\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”1414″ alignment=”center” style=”vc_box_circle_2″][vc_separator border_width=”2″ el_width=”60″][vc_column_text]<\/p>\n

Property & Casualty Team<\/h6>\n

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[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. Read on to learn more about what\u2019s happening in the aviation […]<\/p>\n","protected":false},"author":66,"featured_media":2229,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[53,110,34],"class_list":["post-2221","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-aviation","insight_category-market-trends","insight_category-property-casualty"],"acf":[],"yoast_head":"\nTwo-Minute Takeaway: Aviation Overview - Brown & 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\/two-minute-takeaway-aviation-overview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two-Minute Takeaway: Aviation Overview\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. 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