We are going through a particularly benign loss period in the aviation insurance market. There has been $500m worth of losses in the first eight months of this year and just over $1bn worth of losses last year. Compare that with a five-year loss average of $2bn and you get two excellent years for underwriters.
With premiums down overall 5% this year it looks as if these conditions are set to continue. I spoke to Willis TV about my view of the aviation insurance market as well as what it will take to significantly shift the market.