Although Swiss Re has just posted its half-year results for 2019, reporting strong overall growth across the group, Swiss Re Corporate Solutions reported a net loss of USD403 million and a combined ratio of 132.8% in the first six months of 2019 as a result of decisive management actions to reposition the business together with losses stemming from natural catastrophes and man-made losses including those seen in the aviation and space sectors.
In news released overnight, The Insurance Insider has learned Swiss Re Corporate Solutions is withdrawing from the general aviation and space markets globally. Swiss Re have subsequently confirmed this to be the case and as a consequence they will be closing the local arm of their Aviation business here in Australia.
As always Aerosure will continue to keep our clients fully informed of further updates and solutions already being developed where required, however should you have any immediate queries please do not hesitate to contact us.
The claim will be one of the largest losses to hit the niche space launch insurance market since the US$400Million claim that arose from the failure of the Intelsat-27 satellite and its launcher in 2013.
The total loss of the Vega launch vehicle and its payload is likely to cost in the region of US$400 – $415Million. The launch which took place on 10 July, involved a European-made Vega launch vehicle carrying the Airbus-built FalconEye1 military surveillance satellite for the United Arab Emirates government – the accident happened shortly after the un-manned rocket took-off from the Guiana Space Center in South America.
The launch policy for operator Arianespace is understood to have been placed with Atrium Syndicate 609 leading a Lloyd’s of London consortium for space risks called the Atrium Space Insurance Consortium (ASIC) together with other major space (re)insurers including Munich Re, Swiss Re, Axa XL, Allianz Global Corporate & Specialty subsidiary SpaceCo, CV Starr and Scor.
Aerosure are very proud to provide continued support as Platinum Sponsor of the Aviation Law Association of Australia and New Zealand Ltd (ALAANZ) Annual Conference 2019.
This years ’Global Influences on Australasian Aviation’ Conference will take place in Melbourne from Wednesday 1st May – Friday 3rd May 2019 at the Pan Pacific Hotel in Melbourne.
To find out more about the conference and to register, including booking accommodation, please visit the conference website at the following link: www.etouches.com/ehome/alaanz2019
We look forward to seeing you in Melbourne!