Aon Aerospace Insurance Market Outlook 2010
The cost of aerospace insurance continued to gradually decline during 2009, and the evidence from the renewals so far is that 2010 will deliver more of the same.
Airport sector: Exposure reductions have played a significant role in the recent premium declines. Airports in the Middle East are the only ones to have bucked the trend with passenger numbers expected to grow by 11% during 2009/10 policy period.
Manufacturer sector: Just over half of aerospace manufacturers are forecasting turnover reductions during the 2009/10 policy period. Maintenance, repair and overhaul (MRO) operations have a more positive view, with turnover expected to grow by 9% on average.
Service Provider: Lead premium in the service provider sector fell by 6% for the third consecutive year. Nearly 60% of refuellers forecast a reduction in the amount of fuel they are expecting to supply during the 2009/10 policy period.
These are the key findings of Aon's Aerospace Insurance Market Outlook 2010 report, which brings together the analysis that we made in 2009 and looks at how it will impact market direction in 2010.