Private insurers are increasingly willing to write aviation insurance for terrorism, and the United States is among a small handful of governments still providing coverage for the risk, according to a new Guy Carpenter briefing.
According to the briefing, titled “2008 Global Terror Update,” governments stepped in to provide this coverage after September 11, 2001, when aviation insurers withdrew coverage for acts of war, terrorism and related perils.
The briefing notes that because airlines are required to carry third-party liability insurance in order to receive landing rights and as a condition for leases, the cancellation of aviation insurance could have threatened the aviation business as a whole.
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