International

Aviation losses

Four airline losses in quick succession have brought to an end a long period of relatively benign loss experience for the international aviation insurance market according to Steve Doyle, Aviation and Aerospace Global Practice manager, Aon UK. Mr Doyle said that August has now become the second most expensive month, in terms of losses, for the airline industry since January 2002. But, despite the loss of aircraft hulls valued at over US$170mn, the monthly trend in the cost of losses has continued to fall steadily. The overall loss profile for 2005 is still within the average for the last three years, both in terms of incidents with a value of loss of over US$50mn and incidents with more than 50 fatalities. Recent years have represented the safest in airline industry history with the cost of losses continuing to fall, despite the incidents that have taken place in August.