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Aircraft Builders Council News

ABC News
ABC Program Update
Eric D. Steidl, President of the 2007-08 ABC Board of Trustees
In April, the ABC Board of Trustees attended the annual Spring Underwriting Meeting in the U.K. One of the more exciting pieces of information discussed at the meeting was the growth of the ABC program during the past year, which saw a net increase in the number of insureds benefiting from the ABC program. What makes this even more remarkable is the fact that the current markets are perhaps more competitive than at any other period during the past several decades, with much more underwriting capacity added in the past several years alone.

Brokers Committee News
John H. Howes and Roger M. Bathurst, Benfield Corporate Risk, ABC Brokers Committee
The aviation insurance market has enjoyed a consistently benign loss experience over the last five years, leading to significant reductions in airline premiums. The continuing “better than anticipated” performance in this sector has created a great deal of interest from within the general insurance industry and a meaningful amount of additional aviation capacity has become available.

Passport to Space, The US Government Sets Regulations for your Ticket to Ride
By: Stephen Tucker, Esq., Mendes & Mount LLC
NASA studies have shown that about a third of American citizens wish to travel to space. The apparent coming boom in space tourism has largely been sparked by the launch of SpaceShipOne which flew twice in 2004 to altitudes above 100 kilometers.

More Industry News
Ruling: Some Asbestos Claims Not Subject To Agg. Limits
National Underwriter Company
Steve Tuckey
Aggregate limits are not applicable to all business claims, according to a ruling handed down yesterday by the New York Supreme Court.

Rand Study To Back TRIA Extension
National Underwriter Company
A study to be published shortly will show that government support for carriers that insure terrorism risk is beneficial to taxpayers because a federal backstop encourages insurers to write policies for an otherwise uninsurable risk, an economist with the Rand think tank said.

Protecting Information - Risk Management Strategies For Data Security
The Rough Notes Company, Inc.
Most organizations use some form of computer records to file, sort, and manage data collected as part of their normal operations and business transactions. Whether a firm is producing tangible products or providing a service, it commonly maintains data about such things as customers, vendors and suppliers, employees, financial activities, and regulatory compliance.

Aerospace Market Headed Toward Softening
National Underwriter Company
The aerospace insurance market hardened slightly during 2006, but the final quarter suggests there may be a softening over the next year in this traditionally stable market, according to an insurance broker’s report.

Asbestos Threat Receding?
National Underwriter Company
The worst of asbestos reserving and claims activity may be over for the property-casualty industry, but concerns still remain, said Standard & Poor’s in a new report.

Lloyd's Uses Google Earth To Prepare For The Worst

The Lloyd’s insurance market has notched up another first in its 300-year-history by offering underwriters the means to see Lloyd’s data on Google Earth maps to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.

London: "The best financial services industry in the world"
May 24, 2007

Lloyd's chairman, Lord Levene
"We've got the best financial services industry in the world"

Lloyd's Chairman Lord Levene discusses the importance of London as a leading financial centre on CNBC.

Click here to view the interview (24MB, wmv)
To view the video, you will need the latest version of Windows Media Player installed on your computer. 

Lloyd's announces £3.7 billion profit for 2006
March 29, 2007
Lloyd’s, the world’s leading specialist insurance market, today announced a profit of £3,662 million for 2006.

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