The loss of Air France Flight 447 off the coast of Brazil could have a hardening effect on aviation insurance rates, an aviation insurance expert said, but the full impact probably won't be known until year's end.
Magnus Allan, Aon Aviation Analyst in London for the Chicago-based insurance broker, said the latest air disaster could push "hard market sentiment further" and will probably produce some "very, very difficult negotiations" at year-end renewal time.
While the aviation insurance market has seen single-digit hardening through this year, that trend will clearly continue when 60 percent of the airline market, a significant portion of which is in North America, comes up for November and December renewals, he said.
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