It is tempting to say that the world of aerospace has never had it so good. Yet the same thing, clearly, cannot be said of the global economic environment, which is as volatile as the airspace over the Middle East at the moment.

From an underwriting perspective, the picture is confused. Aviation risk is proliferating as political and economic risks (some fuelled by concerns surrounding corruption), business interruption, supply chain exposures, lack of sufficient regulatory oversight and new competition pressures are eclipsing the well understood risk of a major hull and liability incident.

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