Aircraft insurance rates to rise up to 30% following accidents

11/28/2018 5:07:00 AM

Source: Business Insurance

Matt Drummelsmith, an official at U.S.-based Aviation Specialty Insurance Inc., said that aircraft insurance rates are expected to increase up to 30% due to recent accidents, Aviation International News reported. Mr. Drummelsmith said that frequent accidents including the Oct. 27 helicopter crash in Leicester City and the Oct. 29 Lion Air Boeing 737 crash have led to a rise in insurance rates. Aircraft operators will face rate increases according to loss history, industry and aircraft type, he added.