This year’s Aviation Insurance Association (AIA) conference, held from April 28 to May 1 in Palm Springs, Calif., convened in the atmosphere of an aircraft insurance market that is putting smiles on the faces of aircraft operators while underwriters and brokers tussle in a highly competitive business environment.
Maurice “Hank” Greenberg, chairman and CEO of the global financial conglomerate C.V. Starr and president and CEO of insurance underwriting firm Starr Aviation with offices in Atlanta and London, offered a long-term strategic view of the global aviation insurance market and the macro-trends that will influence it. He focused his attention on the emerging insurance market in China, the climate for business aviation in Russia, and terrorism’s effects on the insurance industry. In addition, he commented on the continuing need for tort reform and offered a free-market viewpoint on catastrophic losses in the insurance marketplace. [Greenberg, long-time CEO of AIG and successor to the insurance company’s founder, Cornelius Vander Starr (the namesake of C.V. Starr and Starr Aviation), was forced to resign as chairman and CEO of AIG in March 2005, by the board of directors following accusations of fraud by former New York attorney general, now governor, Eliot Spitzer. All criminal charges were later dropped after a subsequent investigation.–Ed.]
More In Finance, Taxes, Insurance
