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Insurance cost for global aviation sector likely to decline in 2015: AIG official

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Martin Stevens, an official at American International Group Inc., has said that insurance costs for the global airline sector is expected to fall in 2015 despite some huge claims, reports Moneycontrol.com citing the Press Trust of India.

Aviation premiums in India are set to further decline in 2015 owing to intense competition and better risk management practices by domestic carriers, said Mr. Stevens. In spite of a rise in volume in aviation insurance business in the country, "the overall premia have fallen as the rates have remained soft in the global markets," added Mr. Stevens.

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