The Aviation Insurance Market
The Local Market
In response to the growing needs of aviation sector, one insurance market, under a consortium of leading local insurance company referred to as Aviation Underwriters of Kenya. AUK, provides insurance coverage for countries versatile air services sector.
They provide insurance cover for aviation Hull and Liabilities, Crew Personal Accident and Airport Owners’ and Operators Liability Insurance.
The Global Aviation Market
The global aviation market is dominated by a few of the largest firms that have the ability, financial backing and experience to handle the size and magnitude of aviation risks.
Increases in maximum values of aircraft and requirements of higher limits of liability by operators, airports and manufacturers are a big challenge to insurers.
The world market is overwhelmingly dominated by brokers in London who place the business as agents of oversees clients. The London insurance market is still the largest single center for aviation insurance.
Lloyd Aviation Underwriters Association LAUA
This consists of specialist underwriters at Lloyds and those underwriters who transact aviation business. Its purpose is to support and advance the interest of Lloyds’ aviation market. It publishes Lloyds policy forms and clauses in a reference book, carries out research in aviation insurance and publishes the information in bulletins.
The Aviation Insurance Officers’ Association AIOA
The AIOA consists of members of the principle officers engaged in aviation insurance in the UK. Its object is to promote, advance and protect the interests of insurance companies transacting aviation insurance business in UK.
The Institute of London Underwriters.ILU
The ILU was formed in 1884 to promote the advancement of marine underwriters in the London market. It has special committee
That represent aviation underwriters.
Lloyd’s Policy Signing Office LPSO
Each policy issued at Lloyd’s is submitted to the LPSO’s Office for checking and signature. The core aim of this organization is to ensure that policies issued comply with local laws abroad as well as the UK laws.
Besides, it provides payment and accounting facilities, preparing accounts, and statements for underwriters and brokers.