The COVID-19 pandemic and the way it is managed would lead to higher risk-aversion in society, SCOR Global P&C deputy CEO Laurent Rousseau predicted in his industry keynote address on the opening day of the India Virtual Rendezvous 2021 yesterday.
Aviation reinsurance rates rose by up to 250% at the key 1 January renewal date, with the market still reeling from the impact of Boeing 737 MAX crashes two years ago, reported Reuters quoting a Willis Re report issued on 4 January.
State owned Turkiye Sigorta (Turkey Insurance) has signed agreements with Turkey's only satellite operator Turksat to insure the country's three operating satellites for TRY2.225bn ($280m).
Insurers have paid compensation of INR6.6bn ($89m) for an Air India Express plane crash in August. The payout is the largest in Indian aviation market.
The International Union of Aerospace Insurers (IUAI) is looking at the concept of developing a global pool to provide funding for airlines in circumstances where further catastrophic business interruption events occur.
A survey conducted by the International Air Cargo Association (TIACA) and Pharma.Aero has revealed that only 28% of participants in the air cargo industry feel they are well prepared to distribute a COVID-19 vaccine once available.
Global air traffic is not likely to recover to pre-pandemic levels until 2024, according to the latest forecast by Euler Hermes.
Global reinsurers are expected to pay over 90% of the insured value of the Air India Express plane that was destroyed in a crash in Kerala on 7 August.
The Pakistan International Airlines (PIA) Airbus SE A320 jet that crashed into a crowded residential district of Karachi on 22 May killing 97 people on board was insured for $19.7m, reported Reuters citing an airline document.
With the cancellation of local and international flight operations to curb the spread of the COVID-19 pandemic, aviation insurers are beginning to tote up their losses.