Testing times for aviation

THERE is a jumpy, nervy sense about the fourth-quarter airline renewals this year, and a feeling that they will be the ultimate underwriting stress test. A number of insurers have already departed from the market, including Brit and Trenwick, and there is a feeling that others are poised to put away the pen. The problem is that direct aviation rates have already fallen by up to 40% so far this year almost two years exactly after the September 11 attacks. And there is apprehension about what will happen in October, November and December when most airline policies come up for renewal.