The crash of Asiana Flight 214 in San Francisco should not impact aviation insurance rates, which means the soft market should continue unabated, say experts.
While the investigation into the accident remains preliminary it appears the cause of the crash was not mechanical. That is significant because a mechanical issue would have affected the entire fleet of 777s in service today–which could have translated into rate increases while the issue remained unresolved, Howard Mills, director and chief advisor for Insurance Industry Group at Deloitte Services, tells PC360.
The CEO of Willis Aerospace, Phil Smaje, says that while the firm could not comment on the incident itself, “it is unlikely that a single catastrophic event on this scale will have a material impact on premium pricing.”
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