Safety programs essential to keep insurance costs down | Aviation International News

Safety programs essential to keep insurance costs down

“You can bet the insurance market is going to change.

By AIN Staff • AIN Staff

March 30, 2009

“You can bet the insurance market is going to change. All the ingredients are in place and it’s only a matter of time,” Jim Gardner, v-p of Insuramerica Aviation, an affiliate of J. Smith Lanier, told AIN.

“It has been a buyer’s market in which corporate jet operators have enjoyed several years of record low rates and competition. It was partially because of the entry of a few new competitors but also because the financial environment allowed it. Underwriters sold product for less than it cost them to produce it,” he added.

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