Aviation insurers likely to increase rates in 2021
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Analysts at insurance brokerage McGill and Partners Ltd. expect aviation insurers to increase insurance rates in 2021 to offset the impact of the COVID-19 pandemic in 2020, when airlines worldwide grounded their fleets, Reinsurance News reported. The analysts said that several aviation insurers have been facing the ongoing lack of profitability in the airline class and significant manufacturers grounding losses, including the Boeing MAX issues, over the past several years, and the restart of air travel will bring new challenges.
