The wave of consolidation in the U.S. airline industry, has meant fewer clients being chased by the same number of insurance markets—although this is not necessarily translating into better deals from insurers, despite the outstanding safety record of U.S. airlines.
We spoke to Garrett Hanrahan, CEO of Willis Global Aerospace for the Americas, at RIMS this week about how consolidation and an excellent U.S. safety record are pushing down insurance prices—but possibly not as far as they should. You can watch the video below, or on YouTube.
Last year was the first in five years that the global airline portfolio performed on a profitable basis, but Hanrahan said that US airlines have been profitable since 2002 and continue to run some of the safest operations in the word.
Hanrahan believes that this safety record needs to be more influential in underwriters pricing decisions.