JTL reports airline insurance premium volumes down 3% in 2011
JTL, an airline insurance broker, reports hull and machinery insurance premium volumes to the end of Apr-2011 of USD52.6 million, down 3% year-on-year (Insurance Day, 04-May-2011). Airline liability premiums were USD95.1 million, also down 3% over the first four months of the year.
JLT: “Despite underwriters’ apparent resolve and the theoretical reduction of capacity from reduced line sizes by some markets, the rates movements seen in 2011, more significantly in April, are negative. Indeed, just one major airline renewal in April shows an overall rate increase, and that is on the back of a loss in the previous year,” Company statement. Source: Insurance Day, 04-May-2011.