Competition soars in challenging insurance market

Competition soars in challenging insurance market | Insurance Business

Competition soars in challenging insurance market

It’s a 50% bump up in hull and liability limits, and XL Catlin is hoping it will be enough to win all of the business of any client looking to ensure against aviation risks.

XL Catlin's aircraft hull policy limits have climbed to USD 75 million from USD 50 million and its liability limits are currently USD 750 million, increased from USD 500 million. This expansion of limits also applies to XL Catlin's Aircraft Products Liability and General Liability offerings that are placed on a 100% basis. 

"These new expanded limits aim to effectively address the exposures and insurance requirements of an extended client base for us,” Eric Donofrio, XL Catlin's Chief Underwriting Officer for Aerospace in the Americas Region. “Our goal is to provide our clients with the opportunity to tap into XL Catlin's extensive multi-line coverage offering, global expertise and dedicated aviation claims team as they need it.”

The intention is to take a top three position in the global aviation insurance market, according to XL Catlin’s top exec.

With underwriters and dedicated aviation claims specialists based in Toronto as well as New York, Boston, Chicago, San Francisco, and Calgary, XL Catlin's North America aviation team already claims a significant share of the business of major and regional airlines as well as corporate fleets. It’s’ also a major carrier for component manufacturers and fixed-base airport operators.

All clients are increasingly under pressure to maximize and streamline insurance liability coverage at a time when high-publicity air crashes have cast a spotlight on security and security.

Those factors are expected to put premium pressure on commercial airlines at the same time it forces their carriers to better compete on rate as well as other key features.