Despite a declining loss trend, the drop in airline insurance rates will likely be halted as reinsurers harden prices to account for hurricane claims, according to a brokerage firm report.
The analysis was contained in London-based Aon Ltd.'s "Airline Insurance Market Review," which predicted the current drop in airline insurance premium costs will slow during the October-to-December renewal season, despite a good safety record for this year.
The report said U.S. hurricane loss impacts "will spread far and wide among the insurance and reinsurance community. While the accurate loss estimates have yet to be ascertained, they are almost certain to lead to a hardening of nearly all markets in the coming months."
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