Live Insurance News

Airline insurance for crashed AirAsia plane likely to be well over $100 million

December 31, 2014December 30, 2014 Julie Campbell

The jet is the third major airline accident that has happened in 2014, two of which have been in that part of the world. The AirAsia jet that had gone missing and that was recently found crashed in the sea off the coast of Borneo could bring about claims that will be at least $100 million, and this exposure will be placed on Allianz SE, which is the reinsurer for the airline insurance. Tragically, the flight had 162 people on board when it went missing off the Indonesian coast. Allianz…

Airline insurance with 15 percent higher premiums renewed by Air India

October 1, 2014September 29, 2014 Julie Campbell

This is providing the company with a $26.75 million policy to protect itself against major tragedies. Air India has managed to be able to renew its airline insurance with a mere increase of 15 percent in the premiums that it pays in order to be able to cover its complete fleet of 132 total aircraft. This is notable when taking into consideration that this is an insurance market that has experienced a considerable hardening. The reason that airline insurance usually entails a notably higher rate upon renewal is that it…

Airline insurance premiums could triple after crashes

July 30, 2014July 28, 2014 Julie Campbell

This year has been a catastrophe for global aviation, with numerous tragic disasters after a long span of calm. Since the start of 2014, there has been a tremendous number of tragedies when it comes to aircraft crashes, and it is now believed that the airline insurance industry will be considerably increasing its rates in order to reflect the changing trends. Aviation continues to be considered among the safest forms of transport, but this year has been a bad example of that. Airline insurance, which has not had a great…

Airline insurance for Malaysian Airline could be affected by hurt reputation

March 13, 2014March 10, 2014 Julie Campbell

Malaysian Airlines - airline insurance news

The missing Flight 370 aircraft may lead to serious struggles in the struggling carrier’s future. When it comes to airline insurance on a broad scale, the costs have been steadily dropping over the years as problems have become decreasingly common and crashes of any major sort have simply not been happening. Malaysian Airline System could be facing its own coverage issues following the disappearance of its plane. Flight 370 was carrying 239 people when it disappeared along its path from Kuala Lampur, Malaysia, to Beijing China. This type of situation,…

Airline insurance becomes more affordable with reduced crashes

May 10, 2013May 25, 2013 H. Cutner

These companies will benefit from lower rates that are possible because the claims have become less expensive. For the third year in a row, the premiums for airline insurance are on their way down as the direct result of increased insurer competition and reduced incidences of crashes so that claims stay low. In fact, claims have fallen by a considerable 20 percent within the last year, making coverage less costly. According to a report from Aon Risk Solutions, the claims for airline insurance fell last year by 20 percent, to…

Travel insurance claims for airplane crashes decrease

December 31, 2012April 30, 2013

This is the result of a considerable decline in the number of accidents that have occurred. For the first time since 1991, travel insurance airline claims for aircraft accidents will have fallen below the $1 billion mark this year, as the number of fatalities from airplane accidents and the number of destroyed planes have dropped to record lows. The number of large accidents involving aircraft has plummeted throughout 2012. Ascend, an advisory firm, made the estimations regarding the number of destroyed aircraft and passenger fatalities and has recently released this…

Austrailian Travel Insurance News

March 23, 2011March 23, 2011 Marc

The Royal Automobile Club of Victoria (RACV) provides advice regarding the comprehensive travel insurance policies in relation to the earthquake and tsunami that hit Japan last week. Claims will be assessed by RACV according to the Product Disclosure Statement (PDS) and the type of plan that was purchased will determine the coverage. For those who have not yet departed, cancellation or rearrangement expenses will be covered if the policy was purchased before March 12, 2011. Travels on or after March 31, 2011 are advised to be cancelled or rearranged until…