Data on how aviation exposure values have shifted during the COVID-19 pandemic have revealed an issue that could trip up unwary insurers as the world begins to ease lockdown. Intelligent Insurer reports.
“Insurers also need to look at whether the new peaks in exposure are within appetite. Are they going to affect other things they’ve written?” Suki Basi, chief executive officer of Russell Group.
· Value exposures at 10 most affected airports up $54.8 billion
· Aircraft worth $20 billion at just two Tokyo airports as typhoon season approaches
· Knowledge of how exposures have shifted vital as the world eases lockdown
· Issue for insurers reaches beyond aviation, with oil and shipping also critical
Lockdowns enacted by countries around the world almost brought air travel to a standstill. But with the majority of planes grounded, the subsequent inactivity has revealed fresh exposures for insurers to manage.
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