Pain before gain

I t has been a hard decade for aviation insurers in the London companies market. Not only have they traded at a loss for eight of the last 10 years, but they have also suffered record claims over the last three. Now, at long last, the market is turning. Rates have hardened considerably in the wake of the Singapore Airlines crash in October. But as Graham Nichols, chief executive of Westminster Aviation Insurance Group (WAIG) and chairman of the Aviation Insurance Offices Association (AIOA) explained to WIR, there are still tough times ahead for aviation insurers.