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Ascend forecasts record year for aviation insurance payouts – premiums below costs

23-Dec-2009 9:18 AM

Ascend forecasts (22-Dec-2009) premium income of USD1.9 billion for aviation insurers in 2009, well short of covering the estimated USD2.4 billion in losses incurred in the year, despite increases in premiums of up to 20%.

  • Total losses of all aircraft, including non-passenger flights, this year were reduced to 44, compared to 76 in 2009;
  • 2009 saw ten fatal crashes, compared to 13 in 2008. [more]

Ascend: “This is the most expensive year on record for aviation insurance payouts, after the 2002 insurance implications of the 9/11 tragedies in 2001. Although premiums rose overall by up to 20% this year, underwriters are still set to make a loss,” Paul Hayes, Safety Director. Source: Ascend, 22-Dec-2009.