{"id":2454,"date":"2023-02-10T14:20:52","date_gmt":"2023-02-10T20:20:52","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=2454"},"modified":"2024-02-28T15:09:39","modified_gmt":"2024-02-28T21:09:39","slug":"two-minute-takeaway-aviation","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-aviation\/","title":{"rendered":"Two-Minute Takeaway: Aviation"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Two-Minute Takeaway: Aviation\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\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. <\/strong><\/span><\/i>Read on to learn more about what\u2019s happening in the aviation sector.<\/p>\n

Throughout 2022, aviation insurance market conditions showed signs of improvement across all segments. This resulted in a more favorable aviation underwriting environment than in previous years. Despite these positive signs, the aviation marketplace is <\/span>anticipated to harden<\/span><\/b> again this year. The immediate focus of domestic aviation insurers is capturing single-digit rate increases upon renewal.\u00a0<\/span>\u00a0<\/span><\/p>\n

Several key factors are driving the market changes; the two most significant are the ongoing <\/span>Russia\/Ukraine conflict<\/span><\/b> and the <\/span>aviation reinsurance marketplace<\/span><\/b> presenting double-digit premium rate increases to aviation insurers.<\/span>\u00a0<\/span><\/p>\n

More than 400 leased aircraft, valued at $10 billion, cannot depart from Russia after European Union sanctions forced the termination of leases. The reported hull war claims total of $6.5 billion is a result of aircraft remaining in Russia. The immediate impact is on contingent liability, war risk and terrorism premiums.<\/span>\u00a0<\/span><\/p>\n

New challenges for the aviation industry include macro-pressures affecting most markets: <\/span>lack of talent, supply chain issues, inflation and rising interest rates. <\/span><\/b>These factors impact reinsurance rates, which aviation underwriters use to hedge risk.<\/span>\u00a0<\/span><\/p>\n

Another major factor impacting reinsurance rates is the Boeing 737 Max grounding loss. The claim has increased from $1.3 billion to $3 billion. This increase makes it nominally <\/span>the largest claim in the history of the aviation market<\/span><\/b>, having exceeded the $2.5 billion paid out after 9\/11.<\/span>\u00a0<\/span><\/p>\n

To have a successful renewal outcome in 2023, insureds are advised to work through any anticipated challenges and consider renewing proactively. Those who outline clear underwriting information and consistent safety management can receive the most competitive rates.<\/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":1028,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[110,34],"class_list":["post-2454","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-market-trends","insight_category-property-casualty"],"acf":[],"yoast_head":"\nTwo-Minute Takeaway: Aviation - Brown & Brown<\/title>\n<meta name=\"description\" content=\"Get a quick and concise overview of the latest insights and trends in the aviation industry with our Two-Minute Takeaway.\" \/>\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\/\" \/>\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\" \/>\n<meta property=\"og:description\" content=\"Get a quick and concise overview of the latest insights and trends in the aviation industry with our Two-Minute Takeaway.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-aviation\/\" \/>\n<meta property=\"og:site_name\" content=\"Brown & Brown\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-28T21:09:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bbrown.com\/wp-content\/uploads\/2021\/12\/jakob-rosen-oy2VVbjtoRI-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\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\/two-minute-takeaway-aviation\/\",\"url\":\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-aviation\/\",\"name\":\"Two-Minute Takeaway: Aviation - 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