Summary |
Although aviation insurance is now an established branch of insurance, with a world-wide premium income which is substantial, it is still developing as civil aviation grows.
Aircraft insurance is now a business involving international markets
It was hoped that this would develop into a steady profitable type of insurance for insurers but in view of the lack of systematic bases of rates, the production of new aircraft, constant changes in aircraft types, the pressures exerted for reduced rates by aircraft operators who themselves were making losses and an over-wide market, the profits have been intermittent and even caused the retraction of certain insurers.
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