Buyers of coverage for aircraft, aviation businesses and property have found a silver lining in the recession: relatively stable prices for insurance. Attendees at this year’s Aviation Insurance Association (AIA) conference confirm the news; too much available insurance capacity means that no underwriter has the power to raise prices. And the expected major consolidation of underwriters, which could result in higher prices, has not yet taken place. So for now, at least, insurance buyers are still benefitting.
This year’s AIA conference was held June 12 to 15 in Vancouver, Canada. “It’s been a challenging year for us because of the economy,” said AIA president Todd McCredie, sales manager of Piper-McCredie Insurance Agency in Flint, Mich. The economy also affected attendance at the AIA conference, which was down from last year. “It has been lighter attendance than we thought,” he said. But another factor is the June time frame, according to McCredie. Many insurers are busy writing new contracts that come due at the beginning of July. And the underwriting community held its own annual conference just before this year’s AIA meeting. Consequently the AIA has moved next year’s conference to May 1 through 5 in Miami Beach, Fla.
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