Aviation market paid out more than a billion in losses following three major claims in 2009

Three major aviation loss events cost the market roughly $1.2 billion in 2009, according to a GC Capitals report.
The first major loss saw 49 people die when a Bombardier Dash 8 crashed while heading into Buffalo Niagara International Airport in February.
On June 1, one of the largest losses in the aviation market occurred when an Air France flight from Rio de Janiero to Pairs crashed over the Atlantic Ocean.
June saw a second major loss when Yemenia Flight 626 crashed in the Indian Ocean and 152 lives were lost.
“ . . .aviation underwriters were confident of a subsequent hardening of the market in the third and fourth quarter renewals,” the report reads. “Higher rate increases were expected and applied to loss bearing accounts.”
While insurers have withdrawn some capacity from the market in the 12 months, new entrants have offset the withdrawal, the report added.