2025年上半年航空保险市场概况

H1 2025 Contents Introduction 2 Factors impacting the London insurance market 3 Premium change analysis Potentialrisk capacity 5 Executive summary The first half of 2025 was marked by turbulence, with conflict andtariffs dominating headlines and creating economic uncertainty forbusinesses and consumers. As Q2 progressed and tariffs weretemporarily reprieved, markets rebounded, and positive consumersentiment and spending appeared to follow. However, ongoinggeopolitical tensions and unresolved trade issues suggest thatuncertainty is likely to persist. Several major incidents involving commercial airlines in the first halfof 2025 resulted in the tragic loss of over 300 lives. Attritioncontinued to rise, driven by increased costs. The UK High Court issueda ruling in favor ofaircraft leasing companies, with potentialimplications for the aviation insurance market. Underwriting capacity remains plentiful. However, one (re)insurer’swithdrawal from direct aviation insurance, in addition to insurers’performance overall, may lead to strategic shifts. Overall as we move into the second half of 2025, the outlook for theaviation insurance market remains positive. There is a surplus ofcapacity to meet the growing demands of the aviation industry,supporting continued growth and stability. Factorsimpactingthe Londoninsurancemarket Factors impacting the London insurance market during H1 2025 Influencing factors Current status Market factors Capacity in the market remained healthy, despiteone (re)insurer exiting the direct aviation market.Significant losses in this period, including the AirIndia crash and the UK High Court ruling in favor ofaircraft leasing companies, underscore the ongoingneed for the aviation insurance industry tocontinuously adapt to effectively manage risk.Attritional losses continued to rise due to increasedrepair costs and supply chain restrictions. Airlines who renewed in H1 with high levels ofexposure growth broadly benefited from continuedhigh levels of competition. Some underwriters haveexpressed that premiums should rise or that theyneed to manage exposure through reduced linesize to protect against increasing attritional andmajor losses experienced throughout the last year. AirlinesIn 2024, both revenue and passenger numbersreached record highs. However, as we movefarther into 2025, geopolitical and economicuncertainties could dampen consumerconfidence, especially in Europe and the US. The market overall remains relatively stable. Therehave not been any additional withdrawals since theinitial news that one reinsurer ceased underwritingdirect Aviation risks. Insurers are actively seekingto enhance their positions on accounts. AerospaceWhile inflationary pressures have stabilized,supply chain disruptions and workforce shortagesremain challenges. Conversely, AI and new digitaltechnologies present opportunities for growthand innovation. Additionally, the industry may seea substantial increase in defense spending in thecoming years. The industry closely monitored major airline losses,with investigations and claims expected to unfoldin the near term. The UK High Court ruling in favorof aircraft leasing companies may have significantimplications. There were no major losses in the GA market,although attritional losses continued to occur. Thiscan be beneficial to clients as additional coverage isoften available at no extra cost. However,continued losses in the wider aviation market maybegin to affect the availability of treaty reinsurancefor insurers. These factors may impact capacity andpricing later in 2025 into early 2026. New MGA entrants with additional capacityincreased downward pressure on rates. Whilepremiums are still reducing especially on largerpremium based risks, underwriters generallyshowed an appetite for writing more accounts. GAGeneral aviation manufacturers experiencedheightened demand for new aircraft, with fleetsizes continuing to expand as operators replaceaging aircraft or new start-ups enter the market.While this has helped regulate the number ofoperational aircraft to date, the growing demandpressures on manufacturers could lead to greateraircraft utilization overall. The Hull War market Current market dynamics remain positive and beneficial forclients renewing, subject to scrutiny of their risk profile. Each risk is reviewed based on its individual profile; however, ratingreductions are attainable. An excess of capacity for lower-limit risks is fostering increasedcompetition among insurers and enabling the verticalization ofplacements. This dynamic can lead to potential cost savings andpremium reductions compared to expiring terms. Insurer have been requesting additional information from clients andare seeking to impose shorter notice periods, especially for hotspotlocations. This trend is particularly evident in the Middle East and Asia regions,where heightened geopolitical tensions prompt insurers to closelymonitor exposures and aggregation risks.