Insurance rates continue to soar
Following last September 11, aircraft owners and operators began bracing for massive hikes in insurance coverage and changes in the limits of that coverage
Following last September 11, aircraft owners and operators began bracing for massive hikes in insurance coverage and changes in the limits of that coverage. Now, a year later, their fears are being realized. But while rates have risen, sometimes triple those before September 11, the increases are not without some justification. The question is, just how much is justified?
Bill Behan, president of AirSure, one of the nation’s largest aviation insurance brokers, told AIN that in the past 10 years aviation insurers have incurred a total of $20 billion in losses vs $14 billion in premiums. “And that doesn’t include the losses resulting from the World Trade Center,” said Behan.
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