Dépêches

Willis Airline Insight Report: Buyers’ Market Holds Steady in Aviation Sector as Renewal Season is in Full Swing

Dépèche transmise le 15 décembre 2011 par Business Wire

Willis Airline Insight Report: Buyers’ Market Holds Steady in Aviation Sector as Renewal Season is in Full Swing

LONDON--(BUSINESS WIRE)--With the airline insurance market renewal season in full swing, it seems the favourable market conditions that have existed for buyers throughout this year will continue amidst an absence of major losses and persistence in excess capacity, according to a new report on the aviation sector from the Aerospace division of Willis Group Holdings (NYSE:WSH), the global insurance broker.

Though the market has developed during the past month with some increased resistance to buyers and broker’s demands, Willis reports the ability to achieve a positive result remains as market conditions continue to be favourable.

The monthly Willis report, Airline Insight, says that at a time of both growth and consolidation, both in the airline industry and airline insurance purchasing, there is differentiated treatment being applied by insurers to organic growth rather than growth through consolidation and the erosion of actual premium that the latter brings.

This year continues to be a standout year in terms of airline loss performance, says Willis. The relative loss position has continued to improve with the level of losses at the end of November being the best for seven years. The airline industry safety performance has been exemplary over the past 30 months with no major catastrophe since the Air France loss in June 2009.

Commenting on the report, Steve Doyle, Business Development and Sales Director for Willis Aerospace, said: "There continues to be a differentiation in attitude between the lead insurers and much of the following market but competition remains. Leaders are looking to address the requirements of their ‘core’ accounts while the following markets look to improve their position while still maintaining their on-going participation. The key for brokers, therefore, is to manage the expectations of buyers when it comes to what can be achieved within the current market conditions and strive to achieve a result that is at the boundary of market tolerance.”

About Willis

Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.