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Friday, 21/01/2018, 08:04:50 AM
2016 Aviation Insurance Report
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“Broadly speaking across the marketplace, we as insurers have actually been declining in relevance.”

That was the opening salvo from XL Group CEO Michael McGavick, as part of his “state of the industry” presentation at the recent Aviation Insurance Association (AIA) Conference in Miami, Fla. According to several speakers at the conference, the aviation insurance industry continues to be plagued with high competition, low premium revenues, rising claims costs and a continuously changing risk management landscape. While the words “irrelevant,” “unprofitable” and “unsustainable” were bandied about, there were also positive messages, especially around the blossoming commercial UAS market.

McGavick defended his somewhat tongue-in-cheek comment about decreasing relevance by pointing out that while the insurance industry is “superb at insuring physical things,” nowadays there are fewer physical items to insure. “If you look at what’s making the world more valuable these days, it isn’t necessarily physical things,” said McGavick, citing the time functions on cellphones, which are driving down sales of wristwatches. “Much of the world’s economy has shifted to intangible assets, such as software code, ideas and reputations. We as insurers have had a tough time with that transition.” Self-insurance is also dimming the industry’s relevance as many corporations forgo traditional insurance in favor of keeping funds–and their corporate best practices–to themselves.

Source: ainonline.com (to be continued)

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