Aviation insurers were thrown for a loss in 2007, according to a brokerage firm's report, and a London consulting firm said underwriters will need to increase prices for 2008 as a result.
Chicago-based insurance broker Aon said in its January market view report that for 2007, the industry saw $1.7 billion in losses and collected $1.5 billion. It reported that lead premium reductions on good accounts slowed to negative 10 percent in the final quarter of last year, "having been significantly softer during the first half of the year."
The industry is still sound, the report said, and if 2008 sees fewer losses, it predicted the insurance market will be a good place for underwriters who want to maintain a diverse portfolio.
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